Talk To Scott

I get asked all the time “What’s the market like?” My response is always a sunny, “Great!” People often greet that with some skepticism, figuring I guess that a salesman would try to offer the best possible outlook on a grim picture. I guess that my friends are right to be doubtful, given the national news. Here is some news that substantiates my “sunny” outlook on things. This is national news, but good news. I also want you to remember that San Angelo is in much better shape that other parts of the country. Our unemployment rate is about 6.3% and our housing market is still pretty good.
The good news?
• 30 year fixed mortgages are now at 4.89 %. That is sweet.
• 15 year fixed mortgages are now at 4.32%. Sweeter
• The mortgage rate index is up 38.4% compared to this week last year. Applications are up. Yea!
• The purchase index is up 12.9% over the last week. People are actually buying.
• The stock market continues to rally. Ok, some of those guys on Wall Street don’t make our pulse race, but this is and will always be a great economic indicator.
So what does mean? I guess the sky is not falling after all. If you have been hesitating to dip you toes into the market, now is a pretty good time to do it. Oh, by the way, I got my information from Realtor.org, which is a very good source for information about real estate for guys like me.