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Hughes Shelton Group | Tampa Luxury RealtorsHughes Shelton Group | Tampa Luxury Realtors

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Hughes Shelton Group
Hughes Shelton Group
Monday, 01 May 2017 / Published in General, Housing Market, Local, Mortgage, News, Real Estate, South Tampa, Tampa Bay

Will mortgage rates below 4% spur market?

WASHINGTON – Mortgage rates dropped below 4 percent last week for the first time since November, just as the crucial spring selling season gets under way. The average rate on a 30-year fixed-rate mortgage dropped to 3.97 percent from 4.08 percent a week earlier; in mid-March, the FRM averaged 4.3 percent.

The drop could encourage buyers put off by recent rising mortgage rates to dive into the market and prompt others thinking about making an offer “between now and the end of June” to enter the market sooner rather than later if they fear rates will rise again.

“We are in the spring, and people are out looking to buy homes,” says Len Kiefer, deputy chief economist at Freddie Mac. “These low rates are really going to help out with affordability.”

U.S. home prices rose 5.9 percent in the 12 months ended in January, the fastest rate since mid-2014, according to the S&P CoreLogic Case-Shiller Indices. The impact of a decline in mortgage rates of about a third of a percentage point would be relatively small in many areas of the United States, but it would be much more pronounced in high-cost markets.

Under last week’s lower rates, monthly mortgage payments would decline by about $90 for buyers purchasing homes worth about $600,000. At the same time, these buyers could qualify for more mortgage money – an amount that could swell by about $25,000, according to Black Knight Financial Services, a mortgage and real-estate technology and data provider.

Source: Wall Street Journal (04/24/17) Kusisto, Laura

© Copyright 2017 INFORMATION, INC. Bethesda, MD (301) 215-4688

Tagged under: Best Performing Cities, Buyers, Coldwell Banker, Florida, Home Sales, Hughes Shelton Realtors, Mortgages, News, Real Estate, South Tampa, Tampa Bay
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Hughes Shelton Group | Tampa Luxury Realtors

Hughes Shelton Group is a team of real estate agents affiliated with compass, a licensed real estate broker and abides by equal housing opportunity laws. all material presented herein is intended for informational purposes only. information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. no statement is made as to accuracy of any description. all measurements and square footages are approximate. this is not intended to solicit property already listed. nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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