Mortgage Rates Increase

Mortgage rates jumped this week from last week’s decrease. Though rates have increased, they are still considered low compared to past records. The average 30-year loan jumped 0.08% this week while the average 15-year fixed loan rose 0.04% from last week according to Freddie Mac. Additionally, the average fee for a 30-year mortgage fell 0.01% from last week. The fee for a 15-year loan also fell 0.01%. More here

Housing Market Growing Faster Than Economy

Home prices have soared across the 20 major cities in the United States. In May 2013, home sales jumped 12.2% from May 2012, the largest annual gain since March 2006. Many economists say the housing market is showing great signs of growth, but that does not always indicate that the economy is growing at the same speed. Experts have forecasted that, in 2014, residential investment will increase 10.3% while the overall economy is only expected to increase 2.2%. More here

Housing Market Continues To Grow In Many Locations

U.S. home prices continue to increase, causing potential buyers to seriously consider buying before prices reach levels above their budget. The Case-Shiller index last month showed that in May 2012 home prices grew 12.1% over the past year. In many metropolitan areas, the housing market is showing remarkable improvement while other areas seem stationary. Prices are also increasing due to the low supply of homes for sale in many areas. More here