It is well known that home sales and mortgage loan statistics have reached and surpassed historic performance. With a variety of sources for how these statistics are tracked, it can become confusing to understand.
MortgageNewsDaily.com reports that according to Ice Mortgage Technology (formerly Ellie Mae), in their Loan Origination Report for January, “closed loans continued to show declining note rates in January, dropping from an average of 2.93 percent in December to 2.88 percent” and also includes “Interest rates continued to decline in January, driving up the share of refinances by seven percent,”
There is a lot of talk and prediction about the future of mortgage interest rates and home sales prices. The variables that lie in the future for both of these topics will happen. What does this mean for those of us who are considering refinancing or purchasing a home? It means that interest rates and home prices may go up or may go down.
A recent article by CNBC.com provides an excellent overview of the details that report a historic increase in existing home sales in June over May. The key points they present include respected sources like the National Association of Realtors:
The percentage of refinance loans increased to 55% in March, with growth occurring across every type of loan. The average interest rate for 30 year fixed rate loans in March was the lowest it has been since January of 2013.