Morning Briefing: Mortgage rates lower this week

by Steve Randall02 Aug 2016
Mortgage rates lower this week
Mortgage rates have edged lower so far this week according to Bankrate.com.

It says that the average 30-year FRMs were down Monday to 3.36 per cent, 7 basis points lower than a week ago; 15-year FRMs averaged 2.65 per cent, down 4 basis points; 5-year ARMs averaged 2.87 per cent, down 6 basis points.

The largest drop was for 30-year jumbo FRM loans which fell 18 basis points in the week to 3.82 per cent.
 
Strong gains for Texas homes activity, prices
Sales and prices of homes in Texas saw strong gains in the second quarter of 2016. The Texas Association of Realtors reports that 91,418 homes were sold in the three-month period, up 4.4 per cent from the same time a year ago.

“The last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate,” said Leslie Rouda Smith, chairman of the Texas Association of REALTORS®. “Texas homes of all types and price classes are in high demand. This is especially true for homes priced under $200,000, which are often preferred by first-time homebuyers but also in shortest supply across the state.”

Prices appreciated 7.5 per cent year-over-year to reach a median $215,000 in the second quarter of 2016.

Texas remains a seller’s market with housing inventory at 3.7 months, unchanged from the first quarter of 2016; active listings increased 4.1 per cent year-over-year.
 
Builders highlight benefits of system-built homes
System-built homes, which are prefabricated in a controlled setting and include modular, panelized, concrete, log and timber framed homes, provide homeowners with a building alternative that often saves time and money.

This week members of the National Association of Home Builders are highlighting the benefits of system-built homes over the traditional stick-building method.

Building Systems Week aims to inform homebuyers about the method and how it can save them money and provide homes with strong green credentials.
 

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