Now that we’re more than half way through 2018, let’s take a quick look at the markets that often matter most to homeowners and home buyers.
• Started the year higher and have kept climbing in most areas.
• Typically increasing at a somewhat slower pace than last year.
• Driven upward by low inventory, high demand, and labor shortages for new construction.
• Have been rising thus far, yet have stabilized mid-year.
• Face uncertain direction now because of tariffs and talks of trade wars.
• Still very low by any historical measure and still aiding affordability.
An important note on rates: The Federal Reserve Board has bumped up policy rates three times since last summer, with two more increases predicted for 2018. Policy rates do not directly influence mortgage rates, yet home loan rates typically follow overall rate trends over time.
All in all, good opportunities still exist for homeowners and buyers. Rates are still historically low, though predicted to rise in the near future. The combination of increasing values and low inventory creates a strong market for sellers. While not as popular as in the recent past, refinancing opportunities are still available for owners who want to eliminate PMI or access equity for home improvements.
I hope you have found this summary helpful. If you know someone who would benefit from the information, please feel free to forward it. If you want to explore any opportunities that may exist for you in your market, please reply to this email or give us a call. We’ll be happy to help.
American Family Funding
Certified Mortgage Consultant
NLMS # 1850 / 214640 BRE# 01215943 / 01371184
28368 Constellation Road
Santa Clarita, CA
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