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Closings were flat and the median price of those closings jumped 7.6 percent. Many buyers are getting into the market earlier than normal this year in order to beat higher mortgage rates and rising.
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According to data from Lending Tree, for instance, about 70 percent of the class of 2018 took out loans; their median monthly payment was $222. The average loan amount (which will be higher than the.
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It’s likely the Detroit metro topped the list because the median home price is only $220,000-nearly a third less than the national median of $289,000. (The metro area includes the city and the surrounding suburbs.) About a quarter of all male residents, 23.4%, are single homeowners.
Overall mortgage applications last week were 20.0 percent above their year-ago level. The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 13.9 percent. weekly refinancing activity surges. Mortgage Master, to keep up with sales, has hired over 100 people in the past 90 days alone, Thomsen said.
The San Diego County median home price reached $515,000 in March. At the same time, he said buyers could be eager to get into the market before higher mortgage loan rates hit or just want to get.