Interest rates sank to the lowest level in three months. They’re about a quarter point away from being at all-time lows.
Rates are now at 3.6% with .8% in fees and points for a thirty-year fixed-rate mortgage.
In addition, some are saying that interest rates may even go lower this year and will stay low until the election in November.
Also at a near record low is the number of mortgage delinquencies. The national foreclosure rate is the lowest on record over the last 14-years.
Even though interest rates dropped, mortgage applications did not increase. They were down 1.2 percent from one week earlier.
The data is in for December’s existing-home sales. On Wednesday, the National Association of Realtors reported that existing home sales grew 3.6% in December. The total number of home sales ended at the same level in 2019 as it did in 2018. However, the median sales price was up 7.8% in December 2019 compared to December 2018. According to NAR’s chief economist, Lawrence Yun, to help with the affordability issue plaguing many buyers, price growth needs to get in line with wage growth, which is currently at about 3%.
In local news, Dallas is getting a new hotel that will have 39 micro rooms. A micro room is 100 to 200 square feet. That’s a 10’x10’ room up to a 14’x14’ room. In other words, the size of a secondary bedroom in most homes here. Supposedly the hotel amenities and designs make up for what that they lack in size.
Galleria Dallas is losing an anchor tenant, Belk, after only 5 years of being at the Galleria location. At the time we don’t know what might go in its place, but a comment from the management said The Galleria is working on “a strategic plan to evolve the property in the face of the rapidly changing retail climate… Great changes are on the horizon for Galleria Dallas, and we look forward to sharing those with the public.” This news comes just three days after it was reported that close competitor, Plano’s Shops at Willow Bend is late on its loan payment.
Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.