While the percentage of homeowners who owe more on their home than it’s worth has declined from 24% a year ago to 17% today, the pain is being felt disproportionately by Americans that own lower valued homes. A study done by Zillow reports that 28% of owners of homes valued in the bottom third are currently underwater, while only 16% of average-valued homes are upside-down. Interest rates have remained relatively steady this week, with 30-year fixed rates averaging around 4.125% and 15-year rates closer to 3.25%.
And now for something, completely different: In addition to making history in baseball, Jackie Robinson was also the first African-American vice president of a major American corporation, serving as vice president for Chock Full O’ Nuts Coffee from 1957 to 1964.
For more information on a home purchase, a refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.
This is Alexander Aram filling in for Mehran Aram with today's ARAMCO report.