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San Diego housing market appears to be cooling off

Posted by Mehran Aram on Wed, Jul 24, 2019 @ 05:07 AM

It may be summer in America’s Finest City but that’s not keeping the housing market sizzling. Home price growth in San Diego has begun to level off compared to the steep price increases seen last summer.

Median home prices in San Diego are still climbing but over the past twelve months it has been a quite modest 1.9 percent increase, according to Zillow. The online real estate site expects the tepid growth to continue through next year.

With home prices leveling off and mortgage rates at their lowest levels in over a year, demand for housing in San Diego is expected to remain strong through 2020.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 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.

Topics: San Diego County, home prices, San Diego, Zillow, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Prices, Americas Finest City, San Diego Median Home Price, San Diego Housing

Advanced degrees pay off for house-hunters

Posted by Mehran Aram on Fri, Jul 19, 2019 @ 05:07 AM

In the current housing market where mortgage payments can eat up a large part of the median salary, having an advanced degree can go a long way. A new study conducted by Zillow shows that in many high-priced California cities, homes are largely limited to those with the advanced degrees that yield higher salaries.

The analysis found that median mortgage payments are affordable for those with a high school education in 36 of the 50 largest U.S. metros. The remaining 14 markets require wages associated with at least two-years of college. Income levels for university graduates are necessary to afford a median priced home in many West Coast metros including San Diego.

In even pricier markets like San Jose and San Francisco, monthly mortgage payments are within the brackets of those earning the typical income of someone with a post-graduate degree.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 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.

Topics: Housing Market, Wages, Zillow, Mortgage rates, Mortgage Payments, House Hunters, Advanced Degree

Nearly half of renters wish they were owners

Posted by Darius Aram on Mon, Jun 3, 2019 @ 05:06 AM

Despite the increased cost, repairs, taxes and insurance, 45 percent of renters regret renting instead of being able to buy a home. This is more than five times the share of homeowners (8 percent) who regret buying instead of renting. This information comes from a survey conducted by Zillow Research.

The top two regrets that renters have include not being able to build equity in a property and not having the ability to customize or improve their home. This was followed by feeling that that rental prices are simply too high.

87 percent of renters have regrets about their current home compared to 72 percent of people who own. San Diego ranked near the top, with 91 percent of renters reporting at least one regret.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 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.

Topics: San Diego, homeowners, home equity, Zillow, homeownership, Mortgage rates, Renters, San Diego Housing Market, Rental Prices

Homelessness rising faster in high-rent markets

Posted by Mehran Aram on Fri, May 3, 2019 @ 05:05 AM

More than half a million people were homeless in the U.S. in 2017 according to the Department of Housing, although some reports place this figure much higher. Still, this is the first increase in homelessness since 2010. Income growth not keeping pace with rising rent prices has caused an affordability crisis that has put more people on the streets.

According to a report from Zillow, communities where people spend more than 32 percent of their income on rent can expect a more rapid increase in homelessness. The median rent price nationwide has risen 11 percent over the past five years although in West Coast markets like San Diego, the increase has been much more pronounced.

The report admits that rising rent prices are just a statistical starting off point and that other factors, like a shortage of housing also contribute to rising homeless populations.

Today, 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.

Topics: Zillow, Mortgage rates, Affordability, Department of Housing and Urban Development, Homeless, Affordability Crisis, Homelessness

Younger homebuyers work harder than most to find the right home

Posted by Mehran Aram on Tue, Apr 9, 2019 @ 06:04 AM

When it comes to searching for the right place to live, millennials are willing to put in the leg-work. According to a Zillow Group Consumer Housing Trends Report, millennial home buyers are extremely motivated – going on more tours, doing more research and more willing to make repairs than older generations.

The average millennial goes on 4.4 home tours, more than their older counterparts. 42.7 percent of millennials go to at least two open houses, far higher than Gen X’ers (30.4 percent) and baby boomers (24.9 percent).

Millennials also do more research including reading online reviews of agents, visiting their broker’s website and studying the market.

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.

Topics: Millennials, Zillow, Mortgage rates, open house, Millennial Homeowners, Consumer Housing Trends

Experts: Housing discrimination rampant

Posted by Mehran Aram on Fri, Apr 5, 2019 @ 06:04 AM

The gap in the homeownership rate between black and white Americans has widened significantly over the last century. According to Zillow, the aforementioned gap was 27.6 percent in 1900. Today it is closer to 30 percent. This discrepancy, according to the National Fair Housing Alliance, is due inequality.

In a survey, 27 percent of Americans said they believe they’ve been treated differently in their search for housing because of their status in a protected group. This is more than one in four or approximately 68 million adults nationwide.

Discrimination can be experienced online as seen recently with charges lodged against Facebook but many also report feeling mistreated by landlords, appraisers and even their own real estate agent.

As for mortgage rates, today 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.

Topics: Zillow, homeownership, Mortgage rates, Housing Discrimination, National Fair Housing Alliance

Growing number of homebuyers making 6-figures

Posted by Mehran Aram on Sat, Feb 2, 2019 @ 14:02 PM

The income disparity between property owners and renters appears to be growing. According to a new report from Zillow Research, more than one-third of today’s homebuyers make more than $100,000 per year. Homeowners have historically had higher income levels and this latest data proves that this reality is not only continuing but the wealth inequality gap is widening.

Zillow reports that those that purchased a property in 2017 earned more than 62.7 percent of U.S. households overall, up from 59.7 percent in 2012. The simple reason behind this trend is that incomes are not keeping up with home prices. While home prices have soared 50 percent in the past seven years, incomes have crept up just 11.3 percent.

In San Diego, the average owner household income is $116,756 compared to a renting household’s income of $53,000.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.875 percent and the 5-year ARM is averaging 4.375 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.

Topics: San Diego, homebuyers, Zillow, Mortgage rates, San Diego Housing Market

ARAMCO Report - Thursday August 28, 2014

Posted by Mehran Aram on Thu, Aug 28, 2014 @ 17:08 PM

While the percentage of homeowners who owe more on their home than it’s worth has declined from 24% a year ago to 17% today, the pain is being felt disproportionately by Americans that own lower valued homes. A study done by Zillow reports that 28% of owners of homes valued in the bottom third are currently underwater, while only 16% of average-valued homes are upside-down. Interest rates have remained relatively steady this week, with 30-year fixed rates averaging around 4.125% and 15-year rates closer to 3.25%.

And now for something, completely different: In addition to making history in baseball, Jackie Robinson was also the first African-American vice president of a major American corporation, serving as vice president for Chock Full O’ Nuts Coffee from 1957 to 1964.

For more information on a home purchase, a refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Alexander Aram filling in for Mehran Aram with today's ARAMCO report.

Ask Mehran Aram

 


Topics: and now for something completely different, home purchase, debt, Interest Rates, 30 year fixed rates, Jackie Robinson, Chock Full O' Nuts, Zillow, Baseball, homes, Americans

ARAMCO Report - Wednesday August 20, 2014

Posted by Mehran Aram on Wed, Aug 20, 2014 @ 17:08 PM

The minutes from the Federal Reserve’s July meeting revealed an intensifying debate over the appropriate timing for the first rate hike. This thanks to a big drop in the unemployment rate and rising consumer prices. Meanwhile according to Zillow, nationwide home values are still 11% below their pre-meltdown peak in 2007. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/4%.

And now for something completely different: Did you know that the idea of the microwave oven come from Percy Spencer in 1945? He was an engineer who noticed his chocolate bar melted when he stopped in front of an electronic vacuum tube.

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.

Ask Mehran Aram

Topics: Reverse Mortgage, Aramco Report, and now for something completely different, Microwave Oven, Vaccum, 30 year fixed rates, Federal Reserve, Zillow, unemployment rate, home values

ARAMCO Report - Friday May 23, 2014

Posted by Mehran Aram on Fri, May 23, 2014 @ 17:05 PM

According to the U.S. Department of Commerce, sales of new single-family homes rose over 6% in April, indicating a strengthening housing market. That being said, first-time homebuyers are continuing to struggle with a diminished inventory, as the number of homes listed for sale on Zillow was down almost half a percent from last year. Meanwhile, the bond market continues its sideways movement, leaving 30-year fixed rates at 4.25% and 15-year rates closer to 3.25%.

And now for something completely different. While Memorial Day often marks the beginning of summer, let us not forget to remember the hundreds of thousands of heroes who have selflessly given their own lives to ensure the freedom and security of our great country.

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.

Ask Mehran Aram

Topics: Reverse Mortgage, Aramco Report, and now for something completely different, Mehran Aram, Memorial Day, heroes, freedom, U.S. troops, home ownership, 30 year fixed rates, homebuyers, Zillow, refinance, U.S. Department of Commerce, security