The Bay Area’s Median Home Price Climbs to $1 Million in May; Napa County at $744,500.

"More new listings helped boost sales, especially for homes priced between $1 million and $2 million, which posted a 26 percent increase from last May. Santa Clara County listings jumped the most, at 14 percent. Homes generally sold in 12 days across all price ranges.

The share of homes that sold for more than asking price trended higher again, moving up to 75 percent.

The average share of sales that had price reductions also trended lower, bottoming out at 7 percent in March and remaining at 9 percent in May..."

From Chief Operating Officer, Mortgage News Daily / MBS Live, Matthew Graham – June 18, 2018

"Mortgage rates were sideways to slightly higher today, depending on the lender. The underlying bond market (which dictates rates) was exceptionally quiet. On the heels of last week's important events and without much on the calendar this week, markets may take a couple days to relax. 

To put that in context, rates have been holding somewhat steady just below long-term highs. Their next major decision will be between pushing into new long-term highs or attempting to move lower for more than just a week or two. "Relaxation," in this context, means we're not likely to see evidence of either this week."

Today's Rates:

30 Yr FRM 4.66%

15 Yr FRM 4.12

FHA 30 Year Fixed 4.38%

Jumbo 30 Year Fixed 4.69%

5/1 Yr ARM 3.97%

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