More good news on housing and the mortgage market as applications for U.S. home mortgages including refinance and purchase transactions rose by 2.4% last week. This according to the mortgage Bankers Association. Meanwhile the national inventory of loans in foreclosure fell by 1.5% last month to its lowest level since May of 2008. And Freddie Mac predicts that new housing construction will increase 14% this year and home sales are expected to accelerate for the rest of this year. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8th.
And now for something completely different: Did you know that Chicago River is the only river in the world that flows backward?
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.