The boost in mortgage applications and falling prices notwithstanding, new home sales in May tanked 7.8% month-over-month, following a 6.9% drop in April. It was the biggest decline since last.
Mortgage rates have been falling steadily since the last week of April, and that may be reigniting home price appreciation. The lower the rate, the more purchasing power buyers ha
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Affordability is already at or near a breaking point in many Southern California communities, and rising mortgage rates could be the thing that tips prices downward. Falling home prices become.
Home price gains had been shrinking since last summer, when rates rose sharply, but now they are making a U-turn as rates have been falling pretty steadily since April. The median price of a home sold in May rose 3.6% compared with a year ago, according to Redfin. That is the largest gain in 7 months.
· Since Jan. 1, the average rate on a 30-year fixed mortgage has dropped from 4.01 to 3.62 percent, according to freddie mac. mortgage rates have sunk to levels not seen in nearly a year and are close to their all-time low, prompting economists to reduce their forecasts for rates in 2016.
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Fixed U.S. mortgage rates fell again to new. Cheap mortgages have provided a lift to the long-suffering housing market. Sales of new and previously occupied homes are up from the same time last.
Mortgage interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an additional half of a point by year’s end. Because of this increase in rates, some are guessing that home prices will depreciate.
"Higher interest rates are generally positive for home prices, despite decreasing affordability.There were only three periods of prolonged higher rates in 1994, 2000, and the ‘taper tantrum’ in 2013. Industry reports are also calling for substantial home price appreciation this year.