Real Estate Market Updates today!
The Californial Association of Realtors reports:
New home construction increased over 8% in 2003, as compared with 2002. This represents the highest level in 25 years, per the Department of Commerce. Wow!
Mortgage applications increased in December for purchases and refinancing for the week ending January 16 as compared to the previous week, per the Mortgage Bankers Association (MBA). In our opinion, it is obvious that low interest rates contributed to this continuing loan frenzy!
Consumer price index up in December (on a seasonally adjusted basis) according to a recent U.S. Dept. of Labor report.
Real estate Mortgage rates are still averaging under 6% for single family residences, 30 year loans.