News released in the Freddie Mac U.S. Economic and Housing Market Outlook showed Spring as an ideal time to sell your home. Citing the combination of low mortgage rates, heightened consumer confidence and higher home prices, Freddie Mac even created a video (see below) detailing the March 2013 U.S. Economic and Housing Market Outlook.
2 Key Factors That Bode Well For Your Home Sale in Maplewood NJ and Surrounding Towns
- Anticipation of a 8-10% Increase in 2013 Home Sales.
- Home Affordability at Highest Level in Decades.
This week also marks a trend in the 30-year fixed mortgage rate, with it having remained below 4% for an entire year. Currently the 30 year fixed rate is 3.54% with .8 point and the 15 year fixed is 2.72 with a .7 point. The 5 year ARM remained steady at 2.61 % with .6 point and the 1 year ARM was down slightly to 2.63 with a .4 point.
According to Freddie Mac Vice President and Chief Economist, Frank Nothaft, “History shows us not all economic recoveries are created equal and consumer confidence mirrors this fact. With the spring homebuying season upon us, the recent highs in the stock market are a welcome signal of better times ahead. But it will be the gradually declining unemployment rate and steadily improving housing market that will deliver broad-based economic benefits for Americans and, in turn, support the overall recovery.”
Learn more at FreddieMac.com.