Financial/Mortgage Update


The big news yesterday was that home resales nationally rose more than forecast in September. Sales of existing units rose 5.5% in September to the highest level in a year. Inventory of homes for sale fell 1.6% in September which was the second month in a row to show a decline. The biggest sales gain was in the West, where sales increased 16.8%. What does this mean for owners of Palos Verdes real estate?

Next Tuesday, the Peninsula Board of Realtors will hear an economic forecast by Robert Kleinhenz, Deputy Chief Economist for the California Association of Realtors. Stay tuned for a summation of that presentation.

Interest rates for a 30-year fixed conforming loan are currently 6% and interest for a jumbo loan is 7.875%. Even though interest rates have climbed since last month, they are still low by historical standards. Do you remember 16% fixed rate mortgages in 1981? Today’s rates look pretty good, don’t they?

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