Mortgage Rates Up, Pending Homes Slip

The latest real estate findings have shown that pending homes for sale in Encinitas and around the nation have fallen, while mortgage rates are beginning to rise.

The Pending Home Sales Index was recently released by the National Association of Realtors, showing a roughly 0.4% slip from January to February, but it was still 8.4% above the same month in 2012.

The chief economist at NAR, Lawrence Yun, said that the slight decrease in pending home sales is primarily due to low or limited inventory in many areas. He stated that new home construction is the solution to the limited inventory issue that many regions are currently facing. Yun also announced that his expectation that existing-home sales would rise to around 5 million sales nationally through 2013.

Mortgage rates on 30-year fixed-rate mortgages and 15-year fixed-rate mortgages rose slightly for the week ending March 28. 30-year mortgages are averaging 3.57% up from 3.54% and 15-year mortgages rose from 2.72% to 2.76%.

The increase in mortgage rates was primarily due to the stock market seeing a record high and a rise in applications for purchase loans of 7% from the previous week.

If you are looking for to sell a home in Encinitas, the “perfect storm” of low inventory, low mortgage rates, and increased demand are extremely beneficial for sellers. List your home with the top Realtor in Encinitas today to take advantage of the market.

 

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