July Housing Report
In both Tarrant and Denton Counties we saw the median selling price decrease by 5K from the previous month. Properties are still moving with averages of less than 20 days on the market. If properties are priced correctly and marketed well, then they are moving. The market is stabilizing, and despite what the media says, we have a healthier market that is more predictable than a year ago. Interest rates are fluctuating, but they have been in the ball park of 5%, give or take a few tenths of a percent.
Rates Take A Little Dip
Rates below 5%? No need to squint or rub your eyes... you are reading that correctly! Mortgage rates dropped below 5% for a 30 year fixed-rate mortgage for the first time in months. Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 4: 30-year fixed-rate mortgages: averaged 4.99%, with an average 0.8 point, dropping from last week’s 5.30% average. Last year at this time, 30-year rates averaged 2.77%. 15-year fixed-rate mortgages: averaged 4.26%, with an average 0.6 point, falling from last week’s 4.58% average. A year ago, 15-year rates averaged 2.10%. 5-year hybrid adjustable-rate mortgages: averaged 4.25%, with an average 0.3 point, dropping from last week’s 4.29% average. A year ago, 5-year ARMs averaged 2.40%. Peaked Interest Mortgage Bankers Association reported that mortgage applications increased for the first time in over a month. The story continues to unfold, but a little relief is welcome! The market is stabilizing, and that is really a good thing for all parties. Homes are still selling, buyers are still buying, and 5-ish% interest rates are all in all not bad.
Asian Lettuce Wraps
