Mixed housing data
February's median price was $301,400; the average price was $348,900. There was 5.6 months' worth of housing inventory at the end of the month.
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Separate data from the National Association of Realtors show sales of existing homes plunged 7.1% in February, falling from a seasonally adjusted annual rate of 5.47 million transactions in January, to 5.08 million.
"Demand was off across the nation, though the Northeast and Midwest led the way with double-digit declines," Joel Naroff , president and chief economist at Naroff Economic Advisors in Holland, Pennsylvania, says in a blog post . "One of the biggest problems holding back the market is supply."
We could soon see a pickup in activity now that the spring homebuying season is underway, says Jeff DerGurahian , executive vice president of capital markets at loanDepot in Foothill Ranch, California.
Time to lock?
Mortgage applications fell by 3.3%, for the second consecutive week, according to the Mortgage Bankers Association's weekly survey. Purchases and refinances fell 1% and 5%, respectively.
There isn't a lingering fear of an impending spike in mortgage rates, says Brian Koss , executive vice president for Mortgage Network in Danvers, Massachusetts.
"If the rates make sense, it would be a great time to lock it, but it also shouldn't be a feeling (of) 'If I don't move now, I'll never see a rate like this again,'" he says.
DerGurahian advises potential borrowers to take a look at 1 mortgage product in particular.
"It's still a great time to get a 30-year fixed-rate mortgage," he says.
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