Long-term fixed mortgage rates rose slightly over the past week while rates on adjustable-rate mortgages (ARMs) were little changed.  Last week’s release of July’s employment report showed a slight improvement in the declining labor market.  The unemployment rate ticked down to 9.4 percent in July, representing the first monthly decline since April 2008.  Approximately 247,000 jobs were lost, fewer than the market consensus and the smallest loss since August 2008.

Declines in some local housing markets may be nearing an end as well.  Median existing home prices rose among 17 of the major metropolitan areas in the second quarter from the same period last year, up from gains in only 12 of the areas during the first quarter, according to the National Association of Realtors®.  This represents the greatest number of areas experiencing annual growth since the third quarter of 2008.  Moreover, 81 percent of major cities had house prices rise between the first quarter and second quarter of this year.

With this nice weather ahead of us, we should see good Real Estate traffic over the weekend.  Never hesitate to call on me for assistance, I’m always available and happy to take your call.