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Rate Update

Housing Starts were much higher than expected, up 14.6% and Building Permits were up 2.5%. The Federal Housing Finance Agency Home Price Index showed a 0.4% increase in May, the second consecutive monthly increase. Year over year, home prices were still down 6.3%, and the index remains 19.6% below its peak in April 2007 and roughly equal to the level of January 2004. Unfortunately, housing data in San Luis Obispo County did not fare as well. Overall, home sales fell 1.9% in June from one year ago while the countywide median home price dropped for the second straight month in June, falling 16.8% to $333,250.

Currently, the 30 Year Fixed is 4.250% (4.416% APR) and the 15 Year Fixed is 3.250% (3.560% APR). This is a busy week for economic news that includes the S&P/Case-Shiller 20-city Home Price Index, Consumer Confidence, New Homes Sales, Pending Home Sales, Durable Goods, Jobless Claims, GDP, and the Fed’s Beige Book.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
805.543.LOAN info@centralcoastlending.com