U.S. average rates on long-term mortgages edged down slightly this week, remaining at historically low levels.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan fell to 2.88% from 2.90% last week. One year ago, the rate averaged 3.65%.
The average rate on the 15-year fixed-rate mortgage also fell, to 2.36% from 2.40% last week.
Last week, the National Association of Realtors reported that the number of existing homes for sale in August was 1.49 million units, a decline of 18.6% from the same time last year. The dearth of inventory has also pushed prices higher, with the median price for both existing and new single-family homes pushing past $310,000.For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: email@example.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
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April saw a record collapse in Americans signing contracts to buy homes, the National Association of Realtors said Thursday, reflecting the economic damage from the virus that shut down wide swaths of business and social life. Pending home sales plunged 21.8% from March, the largest decline registered in data going back to 2001. The normally busy spring homebuying season has been upended. At the same time, home prices have been rising.