To find out if now is the time to buy, check out this week’s mortgage highlights:
- Considering the movement in stock markets, mortgage rates remained relatively unchanged for the week.
- The signing of the Phase One agreement with China sparked much of the upward drive in equities, along with the next step forward for the NAFTA replacement.
- With these two items in place, and a slightly clearer picture on the way forward for BREXIT, optimism for economic growth around the globe is growing. With hints here and there of slowing in the US, this boost could help propel our economic expansion for some time.
- Last week’s economic news was somewhat mixed but leaned toward positive. Industrial Production slacked, but the decrease was due to warmer weather and decreased utility output. Inflationary readings have become almost trite as they rarely move far from expectations, Retail Sales powered ahead 0.3%, and jobless claims almost dropped to 200K.
- This week is light on economic data, so headlines may be the big movers once again for rates.
- Any good news on international trade or international relations is likely to push mortgage rates upward.
- Is now the time to buy for you? Purchasing a home is about finding the perfect time in your life. Click here to start your home search or take a virtual tour of Southern California Open Houses on our Facebook group.
Median Age of Repeat Buyers Is “Skyrocketing”
According to the National Association of REALTORS®, the median age of repeat buyers has climbed from 31 years old in 1981 to 47 last year. The rise is attributed to multiple factors. While the Great Recession likely influenced patterns, owners now stay in a home on an average of ten years rather than seven. Additionally, with Americans working longer, the idea of a mortgage later in life may appear less daunting. Plus, adult children returning home may delay a new home.