Joe Gonzalez -King Of Prussia Mortgages, FHA, JUMBO, VA, USDA and more: April 2013

Whether a million dollar loan or a first time home buyer, more Realtors, financial planners, borrowers and other business professionals bring their home financing needs to Joe than anyone else in King of Prussia and the Delaware Valley. They come to Joe for one main reason... Results!

What's Ahead For Mortgage Rates This Week - April 29, 2013

What's Ahead For Mortgage Rates This Week - April 29, 2013

 

housesMortgage rates fell again last week and are again near record lows.

According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.

The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.

Low mortgage rates are helping homeowners with refinancing and are boosting housing markets as more buyers can qualify for mortgage loans.

Home Values Continue To Rise

Last week's economic news was mixed; The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae, released its Home Price Index for February.

According to this index, home prices increased by 0.7 percent between January and February, and increased by 7.1 percent year-over-year on a seasonally adjusted annual basis.

According to the National Association of REALTORS®, existing home sales for March fell short of the expected 5.03 million and came in at 4.92 million existing homes sold on a seasonally adjusted annual basis.

This reading was also 0.7 percent shy of February's reading of 4.95 million existing homes sold.

Some homeowners may be taking a wait-and-see stance as they wait for home values to continue rising.

Employment Numbers Gaining Steam

Weekly jobless claims fell to 339,000 and were short of the consensus of 351,000 and the prior week's 355,000 jobless claims filed.

As more workers gain employment, those able to buy homes increases.

The economy in general also benefits as households gain income they can use for purchasing goods and services.

Consumer Sentiment rose by 2.1 points to 76.4 over the March reading of 72.3 percent.

April's reading also surpassed expectations of 74.0 percent.

As consumers gain confidence in the economy, they are generally more likely to buy homes and make other major purchases that contribute to the U.S. economy.

Coming Up this Week

This week's economic news calendar includes several reports that impact the housing sector as well as the general economy:

  • Monday: Personal Income, Consumer Spending and Pending Home Sales reports are due for release.
  • Tuesday: The Case Shiller/Wells Fargo Home Price Index for February and Consumer Confidence for April will provide data concerning national and regional home prices and indicate how consumers view the economy.
  • Wednesday: The customary statement by the Federal Open Market Committee (FOMC) is set for release at the conclusion of its meeting. The ADP Employment Index for April and Construction Spending for March provide data on jobs and trends in construction spending.
  • Thursday: Weekly Jobless Claims report
  • Friday: The Non-farm Payrolls Report and Unemployment Rate for April, collectively known as the Jobs Report, will be released.

While we can't predict what will happen with mortgage rates, some industry analysts indicated that they expect rates to remain low in the near-term.

These lower rates should continue to support growth in the Collegeville real estate market for homebuyers and sellers as well as those looking to refinance their home.

For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA  19428 | Direct: 610-355-8039 |  Cell: 610-739-6563

FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia

This material is non-exclusively licensed to Joe Gonzalez and may not be copied, reproduced, or sold in any form whatsoever. Copyright ©2006-2014, Bring the Blog. All rights reserved. Terms of Service.
Comment balloon 2 commentsJoe Gonzalez • April 29 2013 06:30AM
What's Ahead For Mortgage Rates This Week - April 29, 2013
share
What's Ahead For Mortgage Rates This Week - April 29, 2013 Mortgage rates fell again last week and are again near record lows. According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low… more
7 Tips To Get Your Home In Tip Top Selling Condition
share
7 Tips To Get Your Home In Tip Top Selling Condition A clean, uncluttered home is very likely the single most important thing to get your home sold quickly and for top dollar. In fact, a recent survey by HomeGain showed a… more
How To Have the Best Garage Sale Ever At Your Home
share
How To Have the Best Garage Sale Ever At Your Home It's getting close to that time of year again — time to have a garage sale at your home! Here are a few tips to help you have your most successful garage sale ever. … more
Existing Home Sales Numbers Show Value Gains Across America
share
Existing Home Sales Numbers Show Value Gains Across America The National Association of REALTORS® released its Existing Home Sales report for March on Monday. Sales dipped from February's seasonally adjusted annual rate of 4. 95… more
5 Important Questions - Before You Invest In Solar Power For Your Home
share
5 Important Questions - Before You Invest In Solar Power For Your Home If you've been considering taking your home in a green direction, April is the perfect month to make an environmentally friendly update. Installing a solar… more
What's Ahead For Mortgage Rates This Week - April 22, 2013
share
What's Ahead For Mortgage Rates This Week - April 22, 2013 Mortgage rates fell for the third consecutive week. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage fell by two basis points to 3. 41 percent… more
5 Great Questions To Ask At An Open House For Real Estate
share
5 Great Questions To Ask At An Open House For Real Estate An open house gives you a great opportunity to look more closely at Collegeville real estate you might be interested in buying. It also affords you the chance to chat… more
3 Ways Clean Floors Can Help Sell Your Home Faster
share
3 Ways Clean Floors Can Help Sell Your Home Faster Have you ever walked into a home for sale and looked down to see stained carpet or scratched and worn flooring? If so, you would probably agree that it doesn't leave a positive… more
Home Builders Hold Great Confidence For New Homes Over Next 6 Months
share
Home Builders Hold Great Confidence For New Homes Over Next 6 Months The National Association of Home Builders (NAHB) Wells Fargo Housing Market Index (HMI) report for April shows that builder confidence slipped by two points to a… more
What's Ahead For Mortgage Rates This Week - April 15, 2013
share
What's Ahead For Mortgage Rates This Week - April 15, 2013 Mortgage rates saw little change last week amidst mixed economic news. Treasury auctions held on Tuesday, Wednesday and Thursday saw weak demand; this could have… more