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Trends

Zillow Indicates 30-Year Rates Down Around Eight Basis Points

Home Sale/Credit: Comstock

The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.97 percent, down eight basis points from this time last week. The 30-year fixed mortgage rate hovered between 3.96 and 4.08 percent for the majority of the week, before settling at the current rate on Tuesday.Click to continue

Measuring YoY Data: Is a Slowdown Bad News?

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Sometimes, it seems that the housing data is a case of one-step-forward/two-steps-back. Despite data that shows the current market is holding steady, year-over-year (YoY) numbers suggest a slowdown in activity. But a number of industry leaders are not the least bit concerned that current numbers are below last year’s levels.Click to continue

New Poll Finds Long-Term Investment an Impetus to Homebuying

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Homebuying season is in full-swing and a recent independent poll commissioned by Discover Home Loans shows that 94 percent of prospective buyers believe they are making a good investment by purchasing a home. Although 87 percent are confident they will find an affordable home loan, the poll shows many have not done the math to determine their costs. In fact, 63 percent find themselves overwhelmed by the amount of mortgage information available.Click to continue

Home Sales Picking Up Momentum During Summer Months

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Home sales nationwide picked up momentum entering the summer months, according to the latest FNC Residential Price Index (RPI) released this week. The latest numbers—as of May—indicate U.S. home prices are rising at a faster pace. Constructed to gauge the price movement among normal home sales by excluding distressed properties, the index rose 1.0 percent from April to May. On a year-over-year basis, the rate of home price appreciation across the nation slowed by 1.0-2.0 percent when compared to the first quarter.Click to continue

Study Finds the Dream of African-American Homeownership Remains Unsteady

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While historical barriers that excluded Black America from the homeowner market for decades have crumbled, there are signs that emerging types of racial inequality are making homeownership an increasingly risky investment for African-American home seekers. A new study from sociologists at Rice University and Cornell University found that African-Americans are 45 percent more likely than Whites to switch from owning their homes to renting them.Click to continue

Existing Home Sales Climb 2.6 Percent in June

For_Sale/Credit: Jupiterimages

Existing-home sales increased in June and reached an annual pace of five million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market, according to the National Association of RealtorsTotal existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 2.6 percent to a seasonally adjusted annual rate of 5.04 million in June from an upwardly-revised 4.91 mClick to continue

U.S. Home Prices Up 0.4 Percent in May

Home Block Wood/Credit: Phil Ashley

The Federal Housing Finance Agency (FHFA) reported that U.S. house prices rose 0.4 percent in May from the previous month. The April index value has been revised to reflect a 0.1 percent monthly price increase, above the original estimate of no change.Click to continue

Illinois Home Sales See Slight Uptick in June

For Sale Sign/Copyright: Getty Images/Credit: Hemera Technologies

Illinois home sales reversed course in June with statewide home sales experiencing a slight year-over-year gain for the first time this year. Home prices continued to climb and marked the 22nd consecutive month of annual increases, according to the Illinois Association of Realtors (IAR).Click to continue

What About Those Consumers Who Fall Outside of QM?

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Just a few months into the era of qualified mortgage (QM) lending and loan origination levels are lows last seen in 2008. Stories about consumers who seem like they should be able to qualify, but are unable to secure an approval, are on the rise. There has already been a hearing on Capitol Hill regarding the potential QM pitfalls and there are several entities looking at ways to approve more consumers without repeating previous mistakes that led to the very tight lending standards now in place.Click to continue

The Credit Conundrum

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American consumers with poor credit face quite a conundrum and most of them don’t even know it. Consumers all share one basic need: Good credit. As well all know, good credit allows consumers to obtain credit and loans at the best interest rates. That means a consumer with good credit can shop around for the best rates. They have choices.

Bad credit equates to fewer choices for the consumer. Most lenders prefer consumers with good credit and offer such consumers the best interest rates and lending terms.Click to continue