Two mortgage trends for summer 2012
Posted on Tuesday, July 17, 2012 at 4:38:10 PM
Summer is far from over, and the real estate market is following an upward trend. Potential homebuyers considering the housing market may want to evaluate their finances and determine if a Purchase Loan from Home Loan Investment Bank is the right decision for them. A smart residential financing choice can increase the affordability of a property.
1. Home prices rise. As the heat keeps increasing, so does home prices in many metros. According to the National Association of Realtors, home prices should increase 3 to 5 percent in the upcoming year.
"What we've seen this spring season is a very healthy market, fundamentally in balance between supply and demand," Mark Fleming, chief economist for CoreLogic, told Fox Business. "Supply is at six months now, nationally.
2. Mortgage rates remain low. A low interest mortgage rate can decrease monthly payments and increase the affordability of a home. Rates have remained at historic lows for most of 2012.