Tepid national housing news
The number of people who applied for state-level unemployment went up slightly—by 1,000—to 295,000 in the week that ended April 18, 2015 according to the U.S. Labor Department. This is small compared to the number of people currently receiving ongoing unemployment assistance: 2.31 million, the lowest level since December 2000. This could have a minor impact on the long-term real estate and mortgage markets because public assistance recipients tend not to enter the housing market in the short-term.
Yesterday the ARAMCO Report shared that completed home sales in California were up 33 percent in March compared to February 2015. However today’s report from the Commerce Department stated that national sales dropped 11.4 percent on average to 481,000 in the same period.
RealtyTrac reported that the number of homeowners nationwide whose home equity is seriously underwater went up .4 percentage points in Q1 2015 compared to Q4 2014. While this is only a slight increase, it is the first quarterly increase since Q2 2012.
Conforming no point 30-year fixed mortgage rates average 3.75 percent while 15-year rates average 3.0 percent.
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.