I attended some training today, where Wells Fargo brought in a national speaker to talk about selling real estate. When I got back to my office, I discovered that an interesting market report with Phoenix housing stats had been included in my seminar packet.
The first two charts in this report answered a question that I’m asked very often: “What are interest rates doing?” And you will see, that they are amazingly low, currently 4.21% for a conforming 30 year loan!
And if you look at the history of interest rates from 1972-2009, you will see that these rates are all time lows in this era.
One of the lenders that I spoke to during break said that there are so many people refinancing that it’s been taking longer to get home purchase loans approved and processed. She said that Wells Fargo was refocusing on home buyers, to get their loans completed first.
Click on Center Stage: Local Market Data and you will see the full 7-page report that includes the charts above, as well as others that track unemployment, home appreciation, and home affordability. The report is just charts, so it’s a fast read covering some good information.
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