Saturday, June 25, 2005

Mortgage Rates ... down again!

Once again, for the 11th time in the past 13 weeks, Bankrate.com reports that mortgage rates are lower.

The benchmark 30-year fixed-rate mortgage is down .07% to 5.66%, as of June 22.

Why? The article speculates that it is because "Bill Gross, chief investment officer for PIMCO, predicted at a conference that the Fed will raise short-term rates another half-point this summer, then reduce rates late in the year." While this is the minority view, the market still reacted to these remarks.

To read more, go here.

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And ... House prices up again!

The California Association of Realtors® (CAR) reports that "The median price of an existing home in California in May increased 12.8 percent and sales decreased 2.1 percent compared with the same period a year ago."

CAR sites continuing low inventory as a contributing factor to the increase.

To read more, go here.

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