There was high outbound activity in the Northeast for the 5th year in a row! Most of the moving can be attributed to Baby Boomers relocating upon retirement.
According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed rate mortgage interest rate has jumped up. The last few weeks we’ve seen 3.94% to the current higher rate of 4.03%. Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly.
Why are mortgage rates going up? Basically, the better the economy, the higher interest rates will go.
There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the percentage of those owning a home reached an all-time high of 69.4%, with the 2015 reported rate at 62.9%. When comparing these 2 figures, there is some room for concern regarding the difference.