Daily Archives: November 10, 2016

Home Prices in August – Gains Continued | Bedford Real Estate

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The Case-Shiller (CS) National Home Price Index, released by S&P Dow Jones Indices, rose in August. The index rose at a seasonally adjusted annual growth rate of 7.6%, faster than the 4.9% reported in July. After the deceleration in the beginning of 2016, house prices have accelerated since May due to tight inventory and the increases in existing home sales in the early part of this year.

The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 8.9% in August, after the 5.7% increase in July, confirming the reacceleration in home prices.

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After the tumultuous boom and bust the increases of recent months have brought home prices more in line with long term trend levels and home prices are reaching the pre-recession peak in 2006.

Along with the gradual increases in national home prices, home prices gained in most metro areas in August. Figure 2 shows home price appreciation for 20 major U.S. metropolitan areas in August.

Among the 20 metro areas, San Francisco had the highest home price appreciation (12.2%), followed by Seattle (10.1%), Miami (7.2%) and Dallas (6.6%). Fifteen out of the 20 metro areas had positive home price appreciation, more metro areas reporting home prices increased than last month. Home price appreciation in the remaining five metro areas was negative. They are Minneapolis, Atlanta, Las Vegas, Chicago and Detroit, with the highest decline of 1.8% in Detroit.

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http://eyeonhousing.org/2016/10/home-prices-in-august-gains-continued/

Mortgage rates average 3.57% | Bedford Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.5 point for the week ending November 10, 2016, up from last week when it averaged 3.54 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
  • 15-year FRM this week averaged 2.88 percent with an average 0.5 point, up from last week when it averaged 2.84 percent. A year ago at this time, the 15-year FRM averaged 3.20 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“This week’s survey reflects pre-election market conditions. As a result, the 30-year mortgage rate increased to 3.57 percent, only 3 basis points higher than last week’s level. On Wednesday, the 10-year Treasury yield closed above 2 percent, about 25 basis points higher than its pre-election value and its highest yield since January. At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week.”