Another sign of a strong residential real estate market [Video]
Posted on Wednesday, January 25, 2017 at 3:31:08 PM
The American residential real estate market has gone through some very challenging times in the past decade, but remains largely resurgent so far in early 2017. Thanks to a stronger overall economy and improved access to credit, the number of homes sold is moving on an upward trajectory. What's more, it appears as though rising interest rates are not scaring off new home buyers.
The Mortgage Bankers Association releases weekly updates on the volume of residential financing applications, and found that the third week of January saw a 4 percent increase, which bodes well given the fact that the average interest rate rose even more. In fact, the average interest rate on a 30-year fixed-rate mortgage has gone up nearly a full percent point in just the past few months. Still, new home buyers are applying in greater numbers.
Individuals who are interested in either refinancing an existing mortgage or applying for an entirely new one should always consider contacting their local bank, which can often provide a more personalized touch to support and guidance. Mortgage interest rates are still relatively low, so now is a good time to apply.