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Low Rates, Refis and Strong Appreciation, Oh My!

The Mortgage Bankers Association has released their application report for the week of March 29th.  In this release, we see that single-family home sales increased by 3% and refinances increased by a whopping 39%!   This tremendous surge in refinances, which is now nearly half of all submitted mortgage applications, certainly has to do with the recent decline in interest rates. 

Source: http://bit.ly/2IPQtu0

CoreLogic is forecasting homes across the nation will appreciate in value, on average, by 4.7% over the next year. They are seeing a slight decrease in appreciation currently, but that won’t last long.  Homes from this time last year have appreciated by approximately 4% across the nation.  The CoreLogic data is derived for their Home Price Index which is calculated on owner-occupied houses from every state. 

Source: http://bit.ly/2IaNHP8

With historically low interest rates and strong forecasts of appreciation in the housing market, the numbers are pointing to a very fruitful time to purchase or refinance a home.  Also, if you purchase, not only can this investment create a lot of wealth, it also gives you a place to live and call a home!