Mortgage rates remain historically low ahead of this week’s Federal Open Market Committee (FOMC) meeting. Homeowners and home buyers seized the opportunity to lock in low mortgage rates and both new purchase and refinance mortgage application submissions increased. The Federal Housing Finance Agency (FHFA) house price index showed a decrease in home price appreciation month-over-month, but an increase year-over-year. Existing home sales and new home sales skyrocketed in June. Initial jobless claims increased for the first time since March.
If you are an existing homeowner and would like to tap into your equity or take advantage of historically low rates or if you are purchasing a home and would like to lock rates in contact me today!