Graphic courtesy of S&P Dow Jones Indices
Home values leveling off after a year of strong gains
Here's some news that may not have been expected six months ago: Mortgage interest rates are currently lower in June 2014 than they were in June 2013, averaging at 4.14 percent for a 30-year fixed.
As we have seen in the last couple of months, the number of homes selling on the market has dropped off, and subsequently, fast-increasing home prices have finally tapered (see graphic above). All of this shows that the economy has not officially recovered as much as many believed a year ago.
After last year's rapid rate and value run-up, economists now predict a much more tortoise-like pace, either up or down for the rest of 2014. Slower growth would more closely match steady but slow increases in wages and overall personal wealth - a healthier sign for a stable economy.
As home prices stabilize and interest rates remain in historic low 4-percent ranges, the time is ripe to buy or refinance. Let us know any way we can assist in your home purchase or refinancing process at 877-939-0339.
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