According to the U.S. Department of Commerce, sales of new homes in the U.S. in January were essentially unchanged. But year over year, sales were up by 5.3%. The median price for a new home was 9% and the inventory of new homes available for sale was unchanged at 5.4 months while delinquency rates for mortgage loans for 1 to 4 units fell to the lowest level since the third quarter of 2007. Meanwhile conforming no point 30 year fixed mortgage rates average 3 3/4s with 15 year rates closer to 3%. And now for something completely different… Did you know that the year 1835 was the only time in U.S. history when our country was debt free? That was when Andrew Jackson paid off what he called “The National Curse,” and it lasted exactly one year!
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.