Consumer Demand Helps Create Equity

According to the Federal Housing Finance Agency (FHFA), single family homes purchased with conforming mortgages across the nation increased in price by 0.2% for the month of August.  They increased in price by 4.6% from August 2018 to August 2019.   Homes are still appreciating, which should continue as long as demand stays strong and interest rates remain low.

The Existing Home Sales report, which measures the sales of “existing” homes in the US, was released showing that sales dipped slightly for the month of September.  Even though sales slipped from their highs, they are still up a whopping 3.9% year over year.  Continued strong levels of demand and aggressive interest rates are helping consumers enter the market. 

Over the last twelve months, the MBA’s mortgage application data is showing that mortgage applications are much higher than where they were last year.  Purchase applications are up 5.8% and applications for refinancing are up 126%.

We are currently in a very healthy mortgage and housing environment.  This is the time to speak with a trusted resource and discuss refinancing and purchasing options.

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