Connecticut Property Values and Mortgages

Posted on May 28, 2014 · Posted in Connecticut Mortgage Company

The Connecticut Housing Market and Mortgages

To sum up the state of the Connecticut housing market and mortgage trends: the housing market is improving slowly and mortgage rates are all over the place! Here are some realtor.com statistics for single family homes in the greater New Haven area:

  • Median List Price: $349,000, 0% change year to year, 2.7% increase month to month.
  • Listings: 15,473, 2.7% increase year to year, 14.1% increase month to month.
  • Days on Market: 74, down 5.1% year to year, down 21.3% month to month

 

Recent trends for 30 year fixed mortgage interest rates are:

 

January 2014: @ 4.5%

February 2014: @4.25%

April 2014: @ 4.55%

Now (May 31, 2014): @ 4.15%

 

So as you can see, interest rates have been very unpredictable. At the moment they are dropping and may well enter the high 3% range this summer.

 

So what does this all mean? It’s still a buyer’s market although the big drop in days on market indicates increased demand so that could be changing. Mortgage interest rates are again at historic lows. So here’s the bottom line:

 

  • If you have been thinking of buying a home, now is the time.
  • If you missed your chance to refinance, you should consider trying again as interest rates continue to fall.

 

 

Thank you,

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

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