Mortgage rates surged to their highest level in almost five years this week.
Unlike the extremely mild and uneventful day-to-day changes seen for most of the past 2 months, rates are actually putting some distance between themselves and the March plateau.
Whereas a well-qualified borrower with 25% down may have been quoted a conventional 30 yr fixed rate of 4.5% a few weeks ago, they’d already be looking at 4.75% today for most lenders. Of course this can vary a bit from lender to lender, but the point is that all lenders have experienced that sort of delta.
Today’s Most Prevalent Rates – 4/26/2018
30YR FIXED – 4.58%
FHA/VA – 4.25%-4.5%
15 YEAR FIXED – 4.02%
5 YEAR ARMS – 3.74%
To see full article click here.
There is a new trend emerging. Foreign investors have increased the percentage of residential real estate purchases by 49% from the previous year. See full article here.
As appraisers we have seen the trend of high investor purchases over the last 8 years but did not have great data as to what extent foreign investors played in this role. It is clear that over the last year they have played a much bigger role than in previous years.
Bay Area home prices jumped 11% compared to a year earlier. With little supply and high demand the housing market continues its robust price gains. Click on the link to read the full article: http://www.bizjournals.com/sanfrancisco/news/2017/03/24/bay-area-home-prices-pop-oakland-houses-sell-fast.html
There can be a lot of potential issues that arise during an FHA real estate appraisal inspection. This can be a frustrating experience for a homeowner and real estate agent, as they will typically get feedback from the lender that there are certain items that must be repaired before closing. It is a good idea to be prepared in advance by correcting any of the issues mentioned below before the real estate appraiser performs an FHA inspection. The FHA Appraiser is looking for the following items: