Jason Griesser of Trident Mortgage Company provided this week’s mortgage rates.
Mortgage rates ended the week slightly better. It’s actually the best rate sheet we’ve seen in about four weeks or so. The news about some bloodshed in the Ukraine renewed fears about the Russian-Ukrainian conflict. Any fear of global conflict puts pressure on riskier investments like the stock market and moves money into safer investments like mortgage bonds. As this money flows into bonds we see better mortgage rates. We also saw two decent housing reports; FHFA’s home price index which was up 6.9% from last year and the Existing Home Sales report which also was a bit higher than the market expected. It’s great news that supports the continued housing recovery across the country. A few telling statistics I found interesting was the median house price in the U.S. came in at $198,500 and about 30% of all home buyers are purchasing homes without financing. Cash is king! The housing reports also suggested the issue with a lack of inventory is not just specific to our Philadelphia area but a growing issue nationally. While this will push prices higher it will make life tougher for our home buyers as competition for well shown homes in popular price ranges will only worsen. We all know how fun it is when buyers lose out on offer after offer…maybe news of the seller’s market will motivate more sellers to put their homes for sale.
Jason F. Griesser, CMB
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611