According to Freddie Mac,mortgage interest rates have held pretty much steady for the past three weeks. The 30 year fixed rate is holding at around 3.53% which is still less than the 3.87% a year ago. The 15 year fixed rate remained at 2.77% compared to 3.16% last year. The rates are still right around the record lows but are expected to rise this year.
According to the Remax National Housing Report, November was the 17th consecutive month of higher year over year sales with a 15.7% increase in November 2012 over November 2011. The average number of homes for sale dropped 29.1% from last November, making it the 29th consecutive month to month drop. Pending home sales, a measure of home contract signings, shot up in the month of November, reaching its highest level on record in two-and-a-half years. It’s also the third consecutive month of sales increases. The median sales price also increased for the 10th consecutive month to $163,750, a 6.9% increase.
According to Freddie Mac, the 30-year, fixed-rate mortgage hovered at 3.35% for the week ending Dec. 27, down from 3.37% a week earlier and 3.95% last year. The 30-year fixed-rate mortgage averaged 3.66% for 2012, the lowest annual average in at least 65 years.
The last time the housing market was healthy without stimulus was February 2007. The National Association of Realtors expects to see a stronger housing market in 2013.