Economic update for the week ending April 25, 2015
Mortgage Rates remain stable – The 30 year fixed rates are just above 3.75% for loans up to $417,000 and at or just above 4% for loans over $417,000. 15 year fixed loans are about 3% for loans up to $417,000 and about 3.25% for higher loan amounts. The Freddie Mac Primary Mortgage Survey which comes out early in the week reported that the 30 year fixed mortgage rate average for the week was 3.65%, they were about the same as last week’s 3.67%. The 15 year fixed was 2.92% this week and 2.94% last week. The 5 year ARM was 2.84% and the 1 year ARM was 2.44%.
U.S. Home Sales up 6.1% in March – The National Association of Realtors reported that the number of existing home sales increased 6.1% in March from February. The number of homes sold were also 10.4% higher than last March. The number of homes sold in March marked the highest level since September 2013 and the month over month increase was the largest increase since December 2010.
Pending sales jump for third straight month in California – The California Association of Realtors reported that the number of pending home sales, homes under contract, increased 16.3% from February. Year over year home sales are up 13.8% from March 2014.
New home sales plunge in March – The number of new homes sold in the U.S. unexpectedly dropped in March. The number of new homes sold in March was 11.4% below February’s home sales level. Most of the drop in new home sales occurred in the northeastern portion of the country where sales declined over 33%.
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