According to a report from the National Association of Realtors home price appreciation picked up speed in the 4th quarter of 2014 with the median price of existing homes up 6% compared to the previous year, 86% of the metro areas covered, registered increases in price. Meanwhile last week’s MBA index of home mortgage applications showed a 9% drop in refinance and purchase activity. Conforming no point 30 year fixed mortgage rates average 3 3/4ths with 15 year rates closer to 3 1/8th. And now for something completely different… Did you know that machine spun cotton candy, notoriously bad for the teeth, was co-invented by a dentist in 1897? It was originally called “Fairy Floss.”
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.