Let’s talk mortgage rates.

Wow, what a week in the mortgage industry last week. Even with the volatility of the stock market the past several weeks, mortgage rates for 30-year fixed mortgages fell this past week, with the current rate at 3.43 percent. The 30-year fixed mortgage rate hovered around 3.47 percent for most of the week before falling to the current rate.
See the Zillow chart below to follow the dip from Wednesday the 3rd to Tuesday the 9th.
mortgage trends 2016
“Mortgage rates fell last week to their lowest levels since May 2013 due to continuing financial market turmoil, concern about oil prices and shifting central bank policies overseas,” said Erin Lantz, vice president of mortgages at Zillow. “Financial market developments should continue to dominate headlines this week, as well as expected congressional testimony by Fed Chair Janet Yellen. Rates could move lower if her comments are more dovish than expected.”
Our real estate market here in Kingsburg held pretty steady through January. We had 41 Active listings in December and went one up in January to 42. Interesting fact …. that of the 42 new Active listings, 11 of them are new homes or homes currently under construction. We had 8 sold properties compared to 12 in December. December was a banner month this past year. Lots of sales and new listings and then things slowed down a bit in January. The average price per square foot ticked up to $148. From what we are reading of the market and trends, it looks like this spring will be awesome due to low inventory and very, very low interest rates.
As a side note, if you have a current interest rate of 5.5 or more, now is the time to refinance. Please call our sister company, New Era Financial, at 559-897-0968, for a Free loan consultation.
Coming up on Saturday, February 27th is the Kiwanis 7th Annual Pancake Supper from 5:30 to 7:30 held at the Orchard Bible Fellowship church at 2400 19th, Kingsburg. Tickets are $6 for adults and $3 for children 12 & under. There will be tons of great silent auction items with proceeds going to the youth, community projects and school scholarships.
Thank you for taking the time to read this blog. If you have any questions, please feel free to send us your comments. We welcome your response.

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