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Daily Archives: February 19, 2015
Housing Affordability Edges Up in the Fourth Quarter | Mt Kisco Real Estate
Slightly lower interest rates and home prices in markets across the country contributed to a slight increase in nationwide housing affordability in the fourth quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). In all, 62.8 percent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $63,900.   The HOI in the third quarter was 61.8 percent.
The national median home price declined from $220,800 in the third quarter to $215,000 in the fourth quarter. Meanwhile, average mortgage interest rates decreased from 4.35 percent to 4.29 percent in the same period.
Syracuse, N.Y. claimed the title of the nation’s most affordable major housing market, as 92.8 percent of all new and existing homes sold in the fourth quarter of 2014 were affordable to families earning the area’s median income of $67,700.
Cumberland, Md.-W.Va. topped the affordability chart among smaller markets in the final quarter of 2014. There, 96.2 percent of homes sold during the fourth quarter were affordable to families earning the area’s median income of $54,100.
For a ninth consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. was the nation’s least affordable major housing market. There, just 11.1 percent of homes sold in the fourth quarter were affordable to families earning the area’s median income of $100,400.
All five least affordable small housing markets were in California. At the very bottom was Napa, where 12 percent of all new and existing homes sold were affordable to families earning the area’s median income of $70,300.
read more…
http://eyeonhousing.org/2015/02/
Mortgage Rates Up Again | North Salem Real Estate
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher amid a strong employment report. Regardless, fixed-rate mortgages rates still remain near their May 23, 2013 lows.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending February 19, 2015, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.
- 15-year FRM this week averaged 3.05 percent with an average 0.6 point, up from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.08 percent.
- 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.4 point, up from last week when it averaged 2.42 percent. At this time last year, the 1-year ARM averaged 2.57 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.
“Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged. Housing starts declined 2 percent to a seasonally adjusted pace of 1.065 million units and housing permits dipped 0.7 percent in January. However, homebuilders remain confident about new home sales although slightly tempered from last month as the NAHB Housing Market Index slipped 2 points to 55 in February.”