The average U.S. rate on a 15-year fixed mortgage rose above 3 percent this week for the first time in a year, while the rate on the 30-year fixed loan approached 4 percent.  Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 3.91 percent from 3.81 percent last week. That’s the highest since March 2012.

 

“This is the fifth consecutive month in which the IMI has designated more than 70 percent of U.S. metros as improving,” observed NAHB Chairman Rick Judson.  NAHB Chief Economist David Crowe said, “As market conditions improve across most of the country, some metros have moved onto the IMI list while marginal seasonal fluctuations have nudged others off of it. This is to be expected as the recovery expands. Meanwhile, it’s worth noting that the number of improving markets is now more than three times what it was in June 2012.”

“The continued strength of the IMI is an indicator of the ongoing, positive momentum in housing markets nationwide as consumers move to take advantage of historically favorable interest rates and affordable home prices,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.

Now is definitely the time for buyers to act in Marco Island and Naples, Florida, before interest rates rise further and inventories of homes decline further.  Contact us today for a personalized real estate consultation. 239-642-4450 or info@marcorealtysource.com.