Saturday, June 25, 2005

Mortgage Rates ... down again!

Once again, for the 11th time in the past 13 weeks, 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.

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.

No comments: