Mortgage Rates Fall To 19-Month Low

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Mortgage rates fell last week and are now at their lowest level since May 2013, according to the Mortgage Bankers Association’s Weekly Applications Survey. The MBA’s survey, conducted weekly since 1990, found rates down across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, mortgages backed by the Federal Housing Administration, and 15-year fixed-rate loans. In …

The Home Features 1st Time Buyers Want Most

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For the past few years, the percentage of first-time home buyers active in the housing market has trailed behind historical averages. This year, however, analysts expect to see increasing numbers of young buyers looking for a home to purchase. With three million new jobs created last year and new, lower down payment requirements, the expected boost in first-time buyers will …

Housing Recovery Reaches Lower End Of Market

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Over the past few years, home prices rebounded from the housing crash and local markets across the country began to normalize. But, despite the overall improvement, homeowners with lower priced homes – those that fell into negative equity when their home’s value dropped – hadn’t quite recovered enough to be able to sell or refinance their homes. Now, according to …

Pending Home Sales Up 6% Year-Over-Year

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The National Association of Realtors’ Pending Home Sales Index is a measure of the number of contracts signed to buy homes during the month. In December, the index experienced a 3.7 percent drop from the month before but was still 6.1 percent above year-before levels. Lawrence Yun, NAR’s chief economist, said fewer homes available for sale likely led to the …

Housing To Rebound From Disappointing Year

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Though careful not to say 2015 will be a breakout year for the housing market, Fannie Mae’s chief economist, Doug Duncan, believes the strengthening economy will drag housing activity upward this year. “Strength in the broader economy, accompanied by continued employment growth and meaningful income growth, should contribute to some improvement in housing activity,” Duncan said. The outlook – part …

Mortgage Rates Still Hover Near Record Lows

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According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate on 30-year fixed-rate mortgages increased slightly last week, though rates remain near record lows. Mortgage rates were up across all loan categories, including 30-year loans with jumbo balances, those backed by the Federal Housing Administration, and 15-year fixed-rate loans. Despite last week’s increase, rates still hover …

New Home Sales Hit 6-Year High In December

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In yet another sign that the housing market and economy continue to strengthen, new home sales hit their highest level in more than six years, according to December estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. Sales of newly built homes were up 11.6 percent over November and 8.8 percent above year-before levels. …

Robust Economy To Boost Housing Market

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Last winter, mortgage rates were rising, economic growth was sluggish, and the polar vortex left much of the country in a deep freeze. The combined effect of these factors, plus rising home prices, meant the housing market got off to a slow start and stayed below expectation through the spring selling season. This winter, on the other hand, there are …

Home Sales End 2014 On The Rise

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Despite the holiday season and declining available inventory, sales of previously owned homes rose 2.4 percent in December, according to the National Association of Realtors. The increase pushed sales 3.5 percent above last year’s level and marked the third consecutive month existing-home sales were up year-over-year. Lawrence Yun, NAR’s chief economist, said 2014 got off to a sluggish start but …

Construction Gains Are Good Sign For Housing

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The most recent new residential construction estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show 2014 ending on an upswing. In fact, single-family housing starts – which refer to the number of homes that broke ground during the month – rose 7.2 percent in December and totals for the year were 8.8 percent …