MORTGAGE INTEREST RATE LOCK ADVISORY
30 Day Close: LOCK
The price for 3.50% Mortgage Loans based on MBS is currently down 0.08 point.
MORTGAGE MARKET INDICATORS
- FHLMC Average: 30-Yr Fixed Mortgage Rate, up 0.11% at 4.23% on September 18.
- MBS (3.5%) - Currently 101.97, High: 102.99, Low: 101.84
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- Gold 1 Ounce - $1,213.30
Despite Rising Home Values, Affordability Remains Largely Intact for Buyers
Zillow's July Real Estate Market Reports show that national home values rose 0.2 percent in July
2014 from June 2014 to $174,800 . On a year-over-year basis, home values were up 6.5 percent from July 2013. The last time national home values were at this level was in March 2005. Rents were up 2.8 percent on a year-over-year basis. The Zillow Home Value Forecast calls for 2.7 percent appreciation nationally from July 2014 to July 2015.
While many markets are still experiencing above-normal rates of home value growth, a general slowdown in appreciation is evident. Among the nation's 35 largest metros, all but Indianapolis experienced year-over-year home value increases in July. Those with the most notable annual increases include Las Vegas (17.4 percent), Riverside (16.5 percent), Miami-Fort Lauderdale (15.8 percent) and Atlanta (14.9 percent). These metros experienced especially pronounced real estate boom and busts and are now recovering with the same extreme home value swings. >>Read More
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