The Real Estate Browser Volume 11, Issue 8 | Page 11

www.LynchburgRealEstateBrowser.com Volume 11 Number 8 – Say you saw it in The Real Estate Browser of Lynchburg — 11
4223 Waterlick Road
Forest, VA 24551
434-534-8505
cell: 434-851-9300
www.harmonyhomesandland.com
Joel Kramar
434-851-9300
$59,900
$179,900
https://xdhomes.com/538970
ALL WOODED LOT THAT HAS
been tested for a 4 bedroom septic
system, has creek toward back of
lot. Fairly level near road then slopes
down to creek. Could be a private
building site. Call Joel Kramar at
434-851-9300 ID#538970
BEAUTIFULLY RESTORED If
you love Old homes that have
the amenities of new, this is it!
Attached in photos is a list of
all the updates and extras. Big
trees in private back
yard, wide street,
off street parking.
Truly a jewel with
the charm of turn
of the century
construction. Call
Jackie @ 434-841-
9200. ID#627118
Low Rates Cause Surge in Mortgage Demand
Mortgage applications have been on
the rise in the last few weeks, and a housing
report from the National Association
of REALTORS® on Wednesday finally
saw that translate into higher sales—in a
big way. NAR reported that existing-home
sales surged to a record pace in June,
increasing nearly 21% compared to May.
For the ninth consecutive week,
mortgage applications posted annual
gains, and those increases are widening
too. This signals that the rise in sales will
likely continue.
Mortgage applications for home
purchases rose 2% over the previous week
and are 19% higher than a year ago, the
Mortgage Bankers Association reported
Wednesday. The year-over-year gains last
week in applications for home purchases
widened over previous weeks, too.
Record low mortgage rates last week
may be prompting more home buyers to
house hunt. The MBA reports the average
contract interest rate for a 30-year, fixedrate
mortgage last week was 3.2%. Freddie
Mac reported last week that the national
average for the 30-year mortgage rate was
2.98%, an all-time low. Borrowers with
stellar credit are snagging rates below 3%,
lenders say.
Homeowners are also looking to
lower their monthly payments by refinancing.
Refinance applications increased
5% last week and are up 122% over the
same week a year ago, the MBA reports.
Nearly 60% of all outstanding loan balances
have at least a half-percentage
point incentive to refinance, says Doug
Duncan, Fannie Mae’s chief economist.
The higher demand in mortgage
applications is translating into sales.
Besides an uptick in existing-home sales,
homebuilders are also reporting a surge
in buyer traffic. Single-family housing
starts jumped 17.2% in June, the
Commerce Department reports.
“The housing market is hot,”
Lawrence Yun, NAR’s chief economist,
said in a recent statement. “Home buyers
have swiftly moved into the market to
take advantage of the unimaginably low
mortgage rates.”
However, a shortage of homes for
sale, in both the existing- and new-home
markets, may limit sales due to rising
buyer demand, economists say.
Click on the Listing for photo tours and additional information for each property.