| Lenders Expect an Amazing Year, the Strongest in Memory
March 13, 2017 Issue 258
Lake Arrowhead feels like Spring, heavenly weather. Perfect mountain living at 72 degrees by mid-day.
Mortgage Market Update QUOTATION OF THE WEEK… “As is our confidence, so is our capacity.” –William Hazlitt, English essayist, critic, painter and philosopher
YES MORTGAGE RATES WILL BE RISING, HITTING US WHERE WE LIVE… If we agree with Hazlitt, the housing market should be headed for a pretty amazing year. Fannie Mae’s February Home Purchase Sentiment Index reports consumer confidence in housing at an all-time high. This follows January’s report in which consumer confidence improved for the first time in five months. Americans who feel now is a good time to buy rose 11 percentage points, while those believing it’s a good time to sell rose by seven.
Those looking for more reasons to be confident found it offered up by the CEO of a major provider of real estate data. He unequivocally stated: “the spring home buying season is shaping up to be one of the strongest in recent memory.” Another property data provider reported, “the median down payment for loans secured by single family homes and condos was 6% of the median sales price nationwide, the lowest percentage since 2012.” Finally the Mortgage Bankers Association pegged purchase applications up 2% for the week ending March 3, with the average purchase loan size at its highest level since 1990. Buyers are clearly more confident.
Courtesy of Martha Moriarity-McKinley, Summit Funding, Big Bear CA.
He who hesitates is lost. 2017
Action leads to success; delay/self-doubt does not. Call Bob.
Coldwell Banker Sky Ridge Realty, Lake Arrowhead CA, 92352-1089 Since 1982.