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 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%.
Author:Michael Harris 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...
Michael Harris Team unique combination of knowledge, skills, experience and commitment to service sets apart this group of real estate specialist from all other Realtors in the Golden Isles Area of Sea Island, Saint Simons Island and Brunswick. Because Teams are human systems that make ordinary service-EXTRAORDINARY service.
"Michael helped me purchase my first home. He was extremely knowledgeable about every aspect of the buying process and always happy to answer my questions. He showed me numerous houses over the course of a few months before finding two that were just about perfect. He coached me through the negotiations (which was not an easy process) and helped me decide on the house I eventually purchased. To this day, he is a trusted resource when I have questions about owning a home. He recently advised me on some renovations and put me in touch with the right people for the job. I highly recommend Michael. "