Noted in the Word Property Journal, mortgage rates have been little changed in June, despite the housing market ramping up during the spring and summer months. “The rate on 30-year fixed-rate mortgages was 4.02 percent, an increase of just 2 basis points from the previous week.”
What does that mean for homeowners?
Take advantage of volatility in the stock and long term bond markets and benefit from refinancing or taking advantage of low interest rates. With a debate on when the Feb will actually raise rates based on the overall health of our economy, this year may be the last time homeowners can take obtain such historically low rates.
Over the first quarter of the year, Triangle home sales were up over 13%, according to Market Opportunity Research Enterprises.
Here in North Raleigh and in the Triangle area, residential homes are selling fast, and currently it is a buyers market with homebuyers willing to pay top dollar for residential homes.
Therefore, there may be little room for price negotiation for those purchasing a new home in the area.
In addition, new single-family housing permits have risen 18% in Wake County, looking at statistics from April, according to the Home Builder’s Association of Raleigh-Wake County. It’s not uncommon for neighborhoods to see summer construction crews building or modifying residential homes.
Contact the David M. Damaré Team to answer your questions about financing options and obtaining loan pre-approval prior to buying or selling your home.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you.
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