Hello My Friends!
With so much crazy news in the news cycle these last few months, here’s a bit of good news….It look like U.S. home resales rose in November, reaching their highest levels in nearly 10 years! And, since you are in the Phoenix, Arizona market, according to
realtor.com you are in the Number 1 area for 2017!
What caused the home resale market across the nation and in Phoenix to rise? A big part of it has been the news of the rise in interest rates which traditionally causes all the “fence sitters” to lock in the low interest rates before they go up. Nothing like a threat of an increase in a monthly mortgage payment to get Buyers motivated huh? LOL
The NAR ( that’s National Association of Realtors to others outside the industry…) said on Wednesday existing home sales increased 0.7 percent to an annual rate of 5.61 million units last month. That was the highest sales since February 2007 back when we were in the throes of the housing crash.
October’s sales pace was updated to reflect a downward count of 5.57 million units from the previously reported 5.60 million units.
The people that know these thing (they are called economists…) had forecast slipping sales of 1.0 percent to a 5.50 million-unit pace in November but the numbers proved otherwise. Overall sales were up 15.4 percent from a year ago. Nationally they rose in the Northeast and South, but fell in the Midwest and West last month.
Since Trump’s victory on November 8th mortgage rates have surged .Trump’s proposal to increase infrastructure spending and slash taxes is seen as inflationary.
Since Trump’s victory on November 8th mortgage rates have surged .Trump’s proposal to increase infrastructure spending and slash taxes is seen as inflationary.
Since the election, the fixed 30-year mortgage rate is up 50 basis points to an average 4.16 percent, the highest level since October 2014, according to information from Freddie Mac.
We may also be seeing a further jump in mortgage rates after the Federal Reserve raised its benchmark overnight interest rate last week by 25 basis points to a range of half a percent to three quarters of a percent with the with U.S. Central bank indicating as many as three rate hikes next year. So those of you “on the fence”, it might be a good time to jump down and those of you considering a home purchase in 2017 to start the ball rolling. I can offer you information on what the impact of the increase in the mortgage rate will have on you for Phoenix home purchases. My goal is to find you the home that best fits your needs and your budget.
I have an excellent stable of Lenders who can qualify your ability to purchase. Contact me with any questions you might have.
And, as always, thanks for stopping by….
