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Think Positive!
The news this month remains positive. Sales are up slightly from last year and the number of homes under contract is up significantly. Inventory has increased only slightly from last month and is down 32% from this time last year. That is a significant drop.
The other piece of good news this month is that interest rates have continued to decline. They are now in the low 4% range. FHA has a 5/1 ARM available at only 3.25% and it only requires a 580 credit score. It has a 1% annual adjustment cap
that kicks in in the 6th year and a 5% lifetime cap. That means the rate can’t go above 8.25% and it wouldn’t get there for 10 years. Not bad. Of course, the borrower still needs a job which remains a problem for some.
As always, let me know how The Bridge Team can help you from here.
