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