According to the National Association of Realtors, May existing home sales rose by 4.9 % and hit the fastest pace in 7 months. This thanks to a strengthening labor market, falling mortgage rates, expanding inventories and much better weather. The inventory of all for sale homes in the U.S. jumped by 11.8 % year over year after falling sharply for the previous two years. Meanwhile conforming no point 30 year fixed mortgage rates still average 4 1/4 % with 15 year rates closer to 3 1/4.
And now for something, completely different:The seven spikes atop the Statue of Liberty‘s head are sun rays representing her divinity and not a representation of the seven seas and seven continents.
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.