Mortgage Rates Update
– Crystal Vagnier – Select Group – Writer/Editor
October saw a growth of 2% for housing listings, ending the inventory decline that lasted for four years giving hope to many of today’s buyers. Many of these listings were condos and townhouses, and less expensive than the market’s inventory a year ago.
On the other hand, the 30-year fixed mortgage rates increased from 5.04% to 5.06%, decreasing the amount of submitted applications by 2.5% as well as a decrease of 4% in refinance applications. It’s forecast that the 30-year fixed mortgage rates will increase to 5.3% in 2019. Affordability is still a concern among buyers with the increasing mortgage rates, but the growth in inventory is a welcome sign.
Contact one of our Stanford Mortgage Advisors to see what your mortgage rate options are at (866) 912-3017.
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