New home construction hot the skids last month to the lowest level in 2 years. Despite comments from the Fed that the recovery is on track and on firm footing as early as yesterday the data out today showing a 22.5% plunge in new permits and construction starts seems to tell a differnet tale.

Slowing sales of existing homes marked with a continuous drop in home prices will more than likely put pressure on new construction the rest of the year. Mortgage rates hit record lows in 2010 and helped spark a mini refinance boom and also helped buyers who may have been on the fence of buying a home make the leap as low rates meant even lower mortgage payments. Rates however have risen rapidly since the end of last year and peaked around 5 percent for a 30 year fixed mortgage, a big jump from the lows of the high 3’s earlier that year. This also has contributed to a slowing in home sales.

Mortgage rates recently have started to come down a bit and may be the key along with the jobs market to helping the housing recovery. How soon or when is yet to be determined.

As long as there are people who are willing to think outdide of the bex there will be homes that reflect their owners. Sometimes the simple colonial, cape or ranch style home is too mundane for some. That is why as you can see in this link there are some homes in the US that are way out of the box. These are the unusual homes that are out there Unusual Homes

Mortgagae rates are on the decline again. Don’t miss the boat. We offer Connecticut mortgage rates that are very competitive. Contact us today. Eversley Capital Mortgage

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