It may seem like homes in the United States cost a pot of gold but the International Monetary Fund, which tracks global home prices, shows that numerous other countries are experiencing the same. Interestingly, one European country in particular, seems to be in similar predicament of rising prices and declining inventory as the U.S. - Ireland.
Ireland's home prices rose 7.5 percent last year according to the country's largest online real estate tracker, Daft.ie. Irish home prices are expected to climb at a rate faster than any other nation in Europe over the next several years driven largely by a strong labor market spurring demand and supply shortages. In Dublin alone home sales have risen by 13.1 percent over the past year.
Here in the U.S. home buyers and those looking to refinance will find conventional conforming no-point 30-year fixed mortgage rates averaging 4.375 percent, 15-year rates near 3.875 percent and the 5-year ARM iaveraging 4 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.