In addition to patriotic celebrations, picnics and pool parties, the end of May is also a historically strong period for closing escrow. Reports show that the number of homes that close escrow the week before or after Memorial is more than double that of the Fourth of the July.
Retailers also use the occasion as a way to end “National Home Improvement Month” which concludes on May 31. This designation by the federal government coincides with the end of spring, a time when home sales are typically at their high point for the year.
Home sellers could use the long weekend to increase their curb appeal to potential buyers like power washing the driveway, planting flowers or clearing out the gutters.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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.