Good weather and the continued good economy are now appearing to fuel the entrance of new buyers into the real estate market. Total mortgages measured by application volume increased by 2.7% from the prior week, according to the Mortgage Bankers Association. In addition, the volume jumped by 8% as compared with the same week one year ago. This indicates the entrance of new buyers and first-time buyers continuing to dip their toes into the real estate market.
May represents one of the strongest months for home sales, normally attracting families looking to move before the new school year starts.
Inventory continues to plague home buyers with limited supply as well as overall variety of homes for sale.
Even though prices are not falling in New Jersey, they are also not accelerating at unsustainable rates.
For the recent week, the refinance market of mortgages represented one of the lowest levels since last November. Applications for refinancing decreased to 37.9% of the total number of applications, which is down from the 38.8% from the prior week.
Good news for home buyers this spring is that mortgage rates have continued to stay stable without jumps in the rates.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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