According to CoreLogic's monthly Home Price Index (HPI) report, house prices nationwide (including distressed sales) increased 12.4 percent on a yearly basis in August. On a monthly basis, prices were up only 0.9 percent. "After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown," said Anand Nallathambi, CoreLogic's president and CEO.
Read More »FHFA Reports Rising Interest Rates in August
Mortgage rates continued their climb in August, according to the Federal Housing Finance Agency (FHFA).
Read More »Study: One-Third of Americans Unlikely to Qualify for a Mortgage
A study from Zillow finds three out of 10 Americans are still unable to get in on today's improving market as mortgage availability remains tight.
Read More »Mortgage Rates Plunge to Lowest Levels in Months
According to Freddie Mac's Primary Mortgage Market Survey, the average interest rate for a 30-year fixed-rate mortgage (FRM) was 4.32 percent (0.7 point) for the week ending September 26, down to the lowest level since the week ending July 25. A year ago, the 30-year FRM averaged 3.40 percent. Declines were just as drastic in Bankrate.com's weekly national survey. The site reported a drop of nearly 20 basis points for the 30-year fixed, which ended the week at 4.47 percent.
Read More »Pending Sales See Third Straight Monthly Drop
Responding again to higher mortgage rates, the Pending Home Sales Index (PHSI) slipped for the third straight month, dropping 1.6 percent in August to 107.7--the lowest level since April, the National Association of Realtors (NAR), which compiles the index, reported Thursday. NAR chief economist Lawrence Yun said the drop was expected as a consequence of buyers accelerating purchase decisions while mortgage rates were first increasing.
Read More »Mortgage Applications Increase as Interest Rates Slide
Mortgage application activity increased for the second straight week in September while mortgage interest rates continued to ease, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. The survey's Market Composite Index increased 5.5 percent on a seasonally adjusted basis for the week ending September 20. On an unadjusted basis, the index increased an even 5 percent week-over-week. Purchase activity was strong, with that index climbing 7 percent (seasonally adjusted) from the week prior.
Read More »Falloff in Buyer Traffic Suggests Market Cooldown
Data from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey shows a drop in traffic in August for all three groups of homebuyers.
Read More »Despite Rate Hikes, Owning Still Cheaper than Renting
Despite rising interest rates, owning a home is still significantly cheaper than renting, according to Trulia's Summer 2013 Rent vs. Buy Report.
Read More »Mortgage Rates Sink While Fed Holds Off on Taper
Freddie Mac's Primary Mortgage Market Survey has the 30-year fixed-rate mortgage (FRM) averaging 4.50 percent (0.7 point) for the week ending September 19.
Read More »Study: Low Deposit Rates Offsetting Favorable Mortgage Rates
New research from finance information website MoneyRates.com suggests borrowers may not be benefitting from low mortgage interest rates as much as other analysts say. The first figures from the site's new Consumers Lost Interest Percentage (CLIP) Index show the difference between what consumers earn on one-month certificate of deposit (CD) rates and what they spend on 30-year mortgage rates is now 4.4 percent, nearly 55 percent higher than the 40-year average of 2.83 percent.
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