Good Monday Morning,

It’s toasty!  but finally we are getting some relief of the heat wave we have been dealing with for the last two weeks. 

Have the temperatures scared away the buyers?  No, so far we are still in line with my forecast. The latest numbers of our local housing market are indicating that the inventory is dropping.  This means: Less inventory, more demand = prices are going up for the desert.    

To have direct access to these properties: http://www.FindMyDesertHome.com

If you are considering the sale of your home you can receive an e-mail analysis that will give you a good indication of your homes current market value at www.DesertCMA.com.

 

Mortgage Market update!

Rates closed the week down on some products and flat on other.

 

·                     The market is still volatile and rates are changing everyday.

·                     Get a Good Faith Estimate from your lender when shopping for a mortgage to understand the costs involved with paying points or not paying points.

·                     After coming off the poor performance week in the market mortgage pricing has gotten better this week with a more than 100 bps increase in the market.

·                     In other news, oil prices bumped higher once again after news of a potential strike at a Chevron plant in Nigeria, which is Africa's largest oil producing nation. If oil prices continue on their current path, it may apply selling pressure to both Stocks and Bonds.

·                     I’m predicting that if inflation continues to be a concern interest rates will rise.

 

 

1 Canadian Dollar = 0.986291 U.S. 

 

NATIONAL AVERAGES            TODAY  /  LAST WEEK                                                                                                   

30 yr fixed mtg                         6.27%      6.30%           

15 yr fixed mtg                         5.86%      5.89%  

5/1 ARM                                   5.71%      5.76% 

30 yr fixed jumbo mtg              7.41%      7.51%

5/1 jumbo ARM                        6.36%      6.39%

 

 

Have An Awesome Week!

Rob Zwemmer