As of the end of March 2019, we’ve seen quite an interesting state of affairs with 30-year fixed mortgage rates. As many of us already know, March started out with a risen point in rates. Although, by the month’s end, rates settled at a 1/3 of a percentage point below where they began. And, besides that they settled at 15-month lows. As a result, home mortgage rates in review lends some good news, for today and at least the rest of 2nd quarter, 2019. And, when it comes to the housing market, there’s lots to love about 15-month lows. It creates plenty of buyer incentive, for one.
Housing Market and Home Mortgage Rates in Review – April 2019
A generally slower rate of new home construction played out, in the winter months and into the current phase of reticent mortgage rates. Also, the slowdown seems to be one indicator of pessimism by some, about prospects for growth. Although, winter months, as we know, are not the best for construction. At the same time, an increase in home sales was tallied for the month of March. In fact, the increase, by 4.9% indicated the highest rate of sales, since March 2018. It also indicated a second consecutive month of rising sales. As a result, what do these factors, coupled with mortgage rate indicators mean?
Slower construction rates and increased sales affected the inventories of unsold homes. They have become less bloated. Add to that drops in the mortgage rate, and demand isn’t going away. Although, we can expect demand to be met by firmer home sales and building activity in Spring. In fact, it’s a season where both pick up significantly. As a result, any lingering pessimism should make way for optimism. Growth, consumer confidence and increased sales should define the real estate market, at least through Spring and Summer ahead.
Would you like to know more about the housing market and home mortgage rates in review, as it relates to your San Mateo County real estate? Get the breakdown from a local expert. In fact, you can get it from 5 Star Real Estate Professional, Carmen Miranda. Why not give her a call today?