Arkansas Mortgage

As I stated in my previous post Arkansas Mortgage Rates as well as national mortgage rates are at their highest point this year. The benchmark for the 30 year fixed is 6.77% and the 15 year fixed is 6.32%. The last time the fixed rate for Arkansas Mortgages was higher was June of last year when it reached 6.82%. When searching for Arkansas Home Loan consumers may want to wait the upturn in mortgage rates out before locking in their fixed rate mortgage.

Today the Commerce Department said that the seasonally adjusted, annualized pace of new home sales fell by 0.6% last month to 530,000. Despite the decline, May's originally reported pace of 512,000 was revised up to 533,000, April's previously reported 525,000 was revised up to 542,000, and March's 501,000 was revised up to 513,000.

The report said that the pace rose by 5.3% in the Northeast and by 2.5% in the Midwest. But in the two largest contributing regions, the rate fell. The South saw a decline of 2.0% and the West saw one of 0.9%.

With new home construction declining, the inventory of homes on the market fell by 5.3% to a seasonally adjusted, annualized level of 426,000. This was a fourteenth consecutive monthly contraction. But since the sales pace picked up, the inventory level represented 10.0 month's of sales, down from a 10.4 month turnover time in May.

The average new home price declined by just $300 to $298,000 but this was 2.6% lower than what it was a year earlier. The median price rose by $3,200 to $230,900 but was 2.0% down on a year-over-year basis.