Each week, Craig Turley has fun with number$ related to Arizona real estate, mortgages and miscellaneous fun facts. This week, we briefly discuss higher mortgage rates, higher gas prices, and the Phoenix Suns.
Arizona – 5 Things to Know
1.) #1! – The @Suns, for the first time in their 51 year history, were awarded the first pick in the NBA Draft. The Suns had a 25% probability of winning the lottery. After years of disappointing results on the hardwood, the Suns #TimeToRise is finally here.
2.) Up, Up and Away – The best execution on a 30-year mortgage for the week ending May 18, 2018, was 4.78%, up from 4.65% from the previous week. As rates continue to rapidly increase in 2018, Arizona Mortgage Advantage, LLC continues to have a “lock rate” recommendation at application. (Source: Mortgage News Daily)
3.) Fueling Up – Filling up the gas tank costs 24% more on average than it did at this time last year. (Source: Kiplinger’s)
4.) Borrowing – Student Loan debt has increased 9.2% annually over the last ten years, rising from $581 billion in 2008 to $1.4 trillion in 2018. Some perspective – auto loans total $1.23 trillion in 2018. (Source: Federal Reserve Bank of NY)
5.) Advantage Sellers – The average days on market for homes in the Phoenix metro area is approximately 65 days. Many factors such as price point and area of interest will influence days on market. Right now, the hottest market continues to be homes priced $300,000 and under. (Source: Corelogic)
Baseball Bonus: In June and July of 1968, Bob Gibson of the St Louis Cardinals started 12 games. He had 12 complete games, 12 wins, 8 shutouts, 6 runs allowed total and ZERO concerns about his pitch count.
The week ahead: The FOMC minutes come out on Wednesday and the bond market will close early on Friday, May 25 ahead of Memorial Day. Normal schedule this week for Craig and the Arizona Mortgage Advantage team.