U.S. mortgage rates rise remain historically low, according to Freddie Mac.
The average 30-year fixed mortgage averaged 3.45 percent for the week ending Aug. 11, up from 3.43 percent the previous week.
A year ago, mortgage rates stood at 3.94 percent.
Low rates should keep boosting U.S. home sales.
“A surprisingly strong July jobs report showed 255,000 jobs added and 0.3 percent wage growth from last month, exceeding many experts’ expectations” said Sean Becketti, chief economist at Freddie Mac. “In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year fixed-rate mortgage increased 2 basis points to 3.45 percent.”
On the local front, #Orlando‘s high population growth is forecast to drive a rapidly growing retail and real estate economy, according to a recent economic forecast by commercial real estate firm Cushman & Wakefield.
The City Beautiful ranked No. 2 for forecasted population growth among Florida’s top eight major market cities. The metro area is expected to grow 2.6 percent through the end of 2016, the highest it has been since 2007. That equates to an influx of roughly 60,000 people by the end of the year, increasing the total number of Orlandoans to almost 1.2 million.
As a result of the population boom, the housing market’s average home price is just over $216,000, the highest it’s been since 2009. Home prices are projected to grow 9.4 percent through 2016, according to the forecast.