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Rate Update

Existing Home Sales decreased 3.8% in May from a month earlier to a seasonally-adjusted annual rate of 4.81 million, the lowest level in six months, indicating that the housing sector is continuing to struggle during the crucial spring selling season. The median sales price was $166,500, down 4.6% from a year earlier. New Home Sales also fell in May, down 2.1% from the month prior, but were 13.5% above the May 2010 level. California’s median home price fell 10.4% in May compared with one year ago. The slide marked an eighth consecutive month of year-over-year declines after what had been 11 months of gains. Home sales, meanwhile, dropped 13.3% from May 2010, however, sales a year ago were especially high because of the expiration of the federal homebuyer tax credit. In SLO County, sales of all homes – new and existing single-family houses and condos – actually rose 3.7% in May from the same month a year ago, and up 5.6% from April. The median sales price fell 2.9% from one year ago, and was down 2.2% from the month prior.

Currently the 30 Year Fixed is 4.125% (4.333% APR) and the 15 Year Fixed is 3.375% (3.629% APR). Leading up to the long July 4th holiday weekend, we have the S&P/Case-Shiller Home Price Index, Pending Home Sales, Construction Spending, Consumer Confidence, Jobless Claims and the ISM Manufacturing Index.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile