Housing Affordability Improved

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CoreLogic reports that home prices nationwide, including distressed sales, surged by 7% in September 2017 compared to September 2016. Month over month, sales were up 0.9% in September from August. Limited inventories coupled with low home loan rates continue to be the catalysts driving higher home prices. In addition, a strengthening economy and healthy consumer… [Read More]

Construction Spending Increases

Construction Helmets

In labor market news, ADP reports that 235,000 private jobs were created in October versus the 215,000 expected. A rebound was expected after 110,000 was reported in September, which was revised lower from 135,000. September numbers were distorted by hurricanes Harvey and Irma. This is a pretty good headline read and bodes well for Friday’s… [Read More]

Mortgage Rates Remain Low

mortgage rates remain low

Mortgage rates edged higher in the latest week though still remain just above all-time low levels. Freddie Mac reports that the 30-year fixed-rate mortgage rose two basis points to 3.85% this week with an average 0.5 point added on top of the rate. Average commitment rates should be reported along with average fees and points… [Read More]

Home Price Gains Remain Solid

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Home price gains remained solid in August due in part to low mortgage rates and an improving economy. The S&P/Case-Shiller 20-City Home Price Index rose 5.9% year over year, in line with estimates. David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said, “Home price increases appear to… [Read More]

Homebuilder Sentiment Rises

Construction Loan home

Homebuilder sentiment pushed higher in October as builders rebounded from the initial shock of the hurricanes. The NAHB Housing Market Index rose 4 points in October to 68, above the 64 expected and up from 64 in September. The report showed that the component gauging current sales conditions rose 5 points to 75 and the… [Read More]

Mortgage Rates Edge Higher

rates edge higher

Mortgage rates continued to edge higher in the latest week, as reported by the Mortgage Bankers Association. The 30-year conforming mortgage rate ($424,100 or less) rose to 4.16% from 4.12% with an average point of 0.44. Jumbo 30-year rates also rose from 4.09% to 4.11% with 0.31 points. The 30-year fixed FHA was essentially unchanged… [Read More]

Mortgage Rates Edge Higher

Mortgage rates edged higher in the latest week though still remain just above all-time low levels. Freddie Mac reports that the 30-year fixed-rate mortgage rose two basis points to 3.85% this week with an average 0.5 point added on top of the rate. Average commitment rates should be reported along with average fees and points… [Read More]