Freddie Mac reports today that fixed mortgage rates climbed slightly higher this week to 3.48 percent for a 30-year fixed, but continue to hover near historic lows. The 15-year fixed rate averaged 2.78 percent. Read Freddie Mac’s news release.
“The 10-year Treasury yield remained flat this week in anticipation of the Fed’s July policy meeting. Mortgage rates, on the other hand, rose another 3 basis points to 3.48 percent. Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June’s new home sales coming in at an annualized rate of 592,000 homes — its fastest pace since 2008,” said Freddie Mac Chief Economist Sean Becketti in the release.
In other headlines:
Illinois Realtors report home sales and prices on the rise – Inman
Bad Neighbors, and Other Nightmares You Might Need to Disclose to Buyers – realtor.com
A comparison of what Americans bought and watched thus far in July has nearly stayed the same as last month, reported Housing Wire today. The story, titled “Consumers’ optimism holds steady in July,” quoted the Conference Board’s Consumer Confidence Index as 97.3 this month, compared to 97.4 last month which was considered “high” by “historic standards.”
In other headlines:
Reverse Mortgages Slowly Make a Comeback — Daily Real Estate News (REALTOR® Magazine)
Owning Beats Renting in These High-Priced Areas — Daily Real Estate News (REALTOR® Magazine)
Finding safe and comfortable housing for the homeless should come before tackling job training, drug addiction, mental health and other related issues, said Matthew Doherty, the Executive Director of the U.S. Interagency Council on Homelessness. His comments came as part of the National Association of REALTORS®’ “Housing for All” symposium in Washington, DC this week.
In other news, Illinois REALTORS® attended the Republican National Convention in Cleveland and shared some of their observations on the Illinois REALTORS® blog:
The view from the Illinois delegate section of the Republican National Convention in Cleveland. Photo: Mike Drews.
Illinois REALTORS® had a (nearly) front-row seat for one of the most-talked about speeches of the night on Wednesday at the Republican National Convention, that of former presidential candidate and Texas Sen. Ted Cruz.
And they will attend the session tonight which wraps things up for the party nominating process.
President Mike Drews and President-elect Doug Carpenter were on the convention floor in Cleveland sitting in the Illinois delegate area for the speech.
“People were pretty restless,” Carpenter said.
Carpenter said the experience of going to the convention, which ends Thursday night, has been “unbelievable.” Illinois REALTORS® have had a chance to meet with a host of policy makers.
“This has been a very beneficial experience, to meet face to face with state and national level people,” Carpenter said. “We have built some relationships and partnerships at many levels in terms of advocacy.”
Carpenter and Drews have passes to be inside the Quicken Loans Center in Cleveland to hear the keynote speech by Donald Trump.
The association’s delegation heads back home Friday, but they won’t be in the state for long. They ship out for the Democratic National Convention in Philadelphia which is next week. Illinois REALTORS® has a practice of sending delegations to both conventions in presidential election cycles.
Illinois REALTORS® Immediate Past President Jim Kinney on the floor of the Republican National Convention in Cleveland on Wednesday, July 20, 2016. Photo: Greg St. Aubin
Illinois REALTORS® in Cleveland for the Republican National Convention will get a great vantage point for tonight’s festivities featuring vice presidential nominee Mike Pence.
At every convention, there’s a bit of trading with various organizations to get passes. So far, Governmental Affairs Director Greg St. Aubin has scored delegate seating two nights out of the past three.
Illinois is toward the front of the delegate area in the Quicken Loans Center, just behind New Jersey. The arena can hold more than 20,000 people in some configurations.