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Daily Real Estate News | Thursday, June 27, 2013
Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2. Contract activity is at its strongest pace since December 2006, when it reached 112.8. Also, pending sales have been above year-ago levels for the past 25 months.
Lawrence Yun, NAR chief economist, said there may be a fence-jumping effect. “Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,” he said. “This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand.”
Regionally, the index went unchaged in the Northeast, but is 14.3 percent above a year ago. In the Midwest, it jumped 10.2 percent to 115.5 in May and is 22.2 percent higher than May 2012. Pending home sales in the South rose 2.8 percent and 16 percent in the West.
Englewood, FL – Are you an “Empty Nester” who
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rooms are filled with pictures and memories of this
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rooms gathering dust now that your children have
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This report is courtesy of Terrence Laucis / Keller Williams Realty. Not intended to solicit buyers or sellers currently under contract. Copyright © 2013
Daily Real Estate News | Friday, June 14, 2013
For the sixth consecutive week, mortgage rates inched higher, continuing to climb from all-time lows, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage—the most popular among home buyers—has now climbed a half percentage point since last month.
A strengthening economy and positive employment report this month prompted fixed-rate mortgages to climb higher this week, says Frank Nothaft, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending June 13:
- 30-year fixed-rate mortgages averaged 3.98 percent, with an average 0.7 point, rising from last week’s 3.91 percent average. A year ago at this time, 30-year rates averaged 3.71 percent.
- 15-year fixed-rate mortgages averaged 3.10 percent this week, with an average 0.7 point, increasing from last week’s 3.03 percent average. Last year at this time, 15-year rates averaged 2.98 percent.
- 5-year adjustable-rate mortgages averaged 2.79 percent, with an average 0.6 point, rising from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 2.80 percent.
- 1-year ARMs averaged 2.58 percent, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.78 percent.
“With the ongoing run-up in fixed mortgage rates, adjustable-rate mortgages (ARMs) are becoming more popular among home owners looking to refinance and for home purchasers,” says Nothaft.
Source: Freddie Mac