Archives for May 2013

According to the Mortgage Bankers Association, mortgage interest rates have increased to the highest levels seen in the past year and are expected to continue to increase as the economy grows. Although mortgage rates still remain low, 30-year fixed rate mortgages for loans falling under $417,500 jumped 3.59%, averaging 3.9% last week. The chief economist for Quicken Loans, Bob Walters said, “mortgage rates have jumped more in the past week than they have in years.” Walters also said that many loan shoppers are adapting to rising rates by switching to 10-year-loans. More here

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New data released from CoreLogic shows the number of foreclosed homes has remained unchanged from March to April. Both months had approximately the same amount of completed foreclosures, averaging around 52,000. Although foreclosures have not fallen continuously from month to month, they have decreased 16% from April 2012. The chief executive officer of CoreLogic, Anand Nallathambi said, “fewer distressed properties, combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam.” More here

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New home sales jumped in April to the 2nd highest level since mid-2008. Meanwhile, the median price of  new homes hit a record high, rising 8.3% from March 2012 and averaged around $271,600. Additionally, according to the Commerce Department, new home sales increased 2.3% last month from March 2012 and averaged a seasonally adjusted annual rate of 454,000. More Americans are expected to buy new homes due to job creation and low mortgage rates. More here

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