Mortgage Interest Rates Update – May 26, 2017

CONVENTIONAL
30 Yr 3.875 to 4.125 APR 4.24
15 Yr 3.25 to 3.5 APR 3.56

ARMS
5 Yr 3.125 to 3.5 APR 3.61
7 Yr 3.25 to 3.75 APR 3.78

FHA/VA
30 Yr 3.5 APR 3.6
15 Yr 3 APR 3.13

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ARMLS RENT Check™ – April, 2017

For the month of April 2017, all RENT Check indicators showed great momentum comparing to previous month, March 2017.

Median Lease: $1,350 – Healthily increased from $1,328 previous month.
Average Lease: $1,546 – Aggressively increased from $1,470 just previous month.
Avg. Days on Market: 27 – Decreased from 31 days of previous month.
Rent Check Quotient™: 2 : 10 – Rental supplies went low comparing to 3 : 10 last month.
Closed Rental: 1,991 – As a result of short supplies, much decreased from 2,291 homes previous month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Cap rates are still around 4.0% – 5.0% to begin with for the first year. With the steadily increasing rent, consequently cap rate will improve year-over-year.

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Mortgage Interest Rates Update – May 19, 2017

CONVENTIONAL
30 Yr 3.875 to 4.125 APR 4.24
15 Yr 3.25 to 3.5 APR 3.56

ARMS
5 Yr 3.125 to 3.5 APR 3.61
7 Yr 3.25 to 3.75 APR 3.78

FHA/VA
30 Yr 3.625 APR 3.67
15 Yr 3.125 APR 3.18

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Housing News – May 19, 2017

Stocks plummeted and bonds rallied after events in Washington, D.C., spooked investors. The rally in bonds has helped to improve mortgage rates.

The investigations into Trump’s recent activities have occupied investors’ attention. Other factors, such as possible Fed rate hikes, have taken a back seat.

The labor market appears to be near full strength as jobless claims came in at a 28-1/2-year low. This is the 115th straight week claims were below 300,000.

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