Home borrowing costs edged higher in the latest week due in part to an uptick in inflation pressures and as the U.S. economy continues to grow. The Mortgage Bankers Association (MBA) reports that the 30-year fixed-rate conforming mortgage rose to 4.50% in the latest week from 4.41%. The MBA also reports that the 30-year fixed-rate mortgage with jumbo loan balances also increased to 4.47% from 4.34%. However, rates in the low 4.0% levels are still historically attractive. Those rates do carry at least a 0.30 point added on tap.
Fannie Mae released its monthly Home Purchase Sentiment Index on Wednesday hitting a new all-time high. The increase was due in large part to the jump in consumers’ net expectations that home prices will increase over the next year. The net share of respondents who said now is a good time to buy a home increased 3 percentage points compared to December. Additionally, the net share who reported that now is a good time to sell a home increased 4 percentage points and is now up 23 percentage points year over year. The net share who said home prices will go up in the next 12 months increased 8 percentage points in January, while Americans also expressed a greater sense of job security.
Gas prices at the pumps continue to rise as demand grows while oil prices are on the rise. The national average price for a regular gallon of gasoline is at $2.60, up from $2.42 a month ago and above the $2.26 seen last year this time. Higher prices have been seen nationwide with the highest prices in Hawaii ($3.39) and California ($3.34). Texas saw the least expensive at $2.36. AAA says Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android.
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