April 29th Market Update
Are You Stressed
wondering if your home value is tanking amongst all the other bad news going on in the world today? Rest assured, we aren't out of the proverbial woods but there are also no negative indicators regarding house values any time soon.
We've done the homework
and here's what we've found so far. Purchase mortgage applications are up 12% week over week according to Diana Olick from CNBC and reporting info via Mortgage Bankers Association. NAR's chief economist Lawrence Yun recently explained even though pending home sales were down in March, we may be seeing a turn in buyer confidence. Especially with lower mortgage rates.
Have continued to drop. They've even touched record lows on a 30 year fixed mortgage. Today, the Fed decided to keep rates low which allows creditors to continue issuing credit. The upside is lending institutions are able to continue lending. The downside is credit requirements are a bit tight and some who may have qualified for a loan in February. Most importantly, keep in mind the headline Fed keeps rates at 0% is not the rate at which lenders receive nor lend to mortgagees.