Interest Rates Are Low
With 30-year fixed interest rates averaging the lowest we’ve seen in months, many homeowners are wondering if now is the time to refinance. And while personal situations may dictate whether refinancing at these low rates is a good decision, there are some other factor to examine as well.
And that’s only existing single family sales.
More New Home Construction
New single family construction starts are projected to climb 10% over 2014 numbers. And new multi-family construction starts are estimated to rise a whopping 20% this year. Factor in that home building giant Lennar Corp beat Q1 earnings expectations despite construction efforts being hampered by difficult weather across the country, and it’s easy to see that things are moving in the right direction.
California as a Whole is Improving
It’s not just due to the mild winter either. Job growth contributed to home sales posting the largest February increase since 2012…with more than a half-million jobs added. And, according to a recent Fannie Mae sentiment survey, mortgage lenders are optimistic and anticipate that mortgage demand will increase significantly over the next three months. Especially with mortgage interest rates still under 4%. So if you’re thinking about buying a home, now is a great time to get in before demand and rates both go through the roof.