Jan 14 2016 10452 1

Jan 14 2016 10452 1


January 2016 Market Update 
Home sales dropped sharply in November according to the National Association of Realtors; however, the majority of this drop is likely an artifice of delayed closing times created by the implementation of changes in documentation by the Consumer Financial Protection Bureau. Prices and the number of homes on the market held relatively steady, supporting that many of the sales that would have been reported in November will likely be pushed into the December month. At the end of December, the Federal Reserve announced its first rate hike of 0.25%, giving good indication that mortgage rates will be on the rise in the coming year. 
 
Interest Rates


 

Interest rates held steady in December as the Federal Reserve’s change to the base rate was anticipated well in advance. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.96%; 15-year fixed rate, 3.22%; 5/1-year adjustable rate, 3.06%. 


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Phone: 912-297-6828
Dated: January 14th 2016
Views: 981
About Michael: Michael Harris is an experienced real estate Investor and developer with many years as a top sales p...

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