2nd Quarterly Update
Happy July Fourth…It never gets corny… at least not for me!
I love July 4th because we celebrate the privilege we all enjoy of living in the world’s greatest country. I’m proud of what we stand for…and more importantly, I’m proud of my family’s heritage and traditions that bring back wonderful memories of my Dad and family celebrating at our home in Coronado every July 4th! I love watching the old fashioned parade and fireworks.
As patriotic one can get, we still are facing challenges around the world, including our friends in Greece who are being tested as never before with their debt crisis which is throwing money markets into further confusion — what will the Greeks do? And more importantly, how will it affect the future of the European Union and even us in the US? And while this bad news sobers us up, we are seeing on the other hand —positive signs in the financial markets: Mortgage rates are looking stable amid an improving housing market.
The good news last week was that Freddie Mac’s latest survey showed that lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.02%, up from 4% a week ago. The results of Freddie Mac’s weekly survey said the average for a 15-year fixed mortgage slipped from 3.23% to 3.21%. The start rates for adjustable mortgages also fell slightly. And that’s good news for homebuyers…and sellers —who want to see affordable rates remain, too, as the rates are still exceedingly low by historical standards and lower than a year ago, when the 30-year loan averaged 4.14%.
Combining this potentially good news (providing Greece doesn’t throw us over the cliff) is that new home construction and sale of previously owned homes are on the best pace in years. Given the pro and con news we are looking at, it is going to be interesting to see what the next quarter brings to us.
Please let me know how I can assist you with any and all of your real estate needs.
I hope you have a Happy & Safe 4th of July holiday.
Click her to see the Bel Air Crest Quarterly Market Update
Click here to see the Bel Air Park Quarterly Market Update
Click here to see the Brentwood Quarterly Market Update
Click here to see the Brentwood Circle Quarterly Market Update
Click here to see the Lower Casiano Area Quarterly Market Update
Click here to see the Moraga Drive Quarterly Market Update
Click here to see the Moraga Place Quarterly Market update
Click here to see the Mountaingate Quarterly Market Update
Click here to see the Westwood Hills Quarterly Market Update