Home Prices Rose a Record 16% in April from a Year Ago, FHFA Says
U.S. home prices gained at a record pace in April as a shortage of available properties boosted competition among buyers.
June 29, 2021 2 MIN
U.S. home prices gained at a record pace in April as a shortage of available properties boosted competition among buyers.
While Americans are feeling better about the economy, the data showed their outlook on housing was souring.
The average U.S. rate for a 30-year fixed mortgage rose to 3.02% from 2.93% from last week, Freddie Mac said on Thursday.
The move likely will result in more consumer-friendly decisions in setting the course for the two companies that back more than half of American’s outstanding mortgages.
The FHA announced updates to calculations for monthly student loan payments that will make it easier for some applicants to qualify for a home loan.
While demand for new houses remains strong, builders have been forced to limit sales due to a shortage of building materials.
The U.S. median home price rose by a record pace of 24% in May, compared with a year earlier, as tight inventory sparked bidding wars.
Pandemic-level mortgage rates are expected to be around at least through the end of 2022, according to a forecast from Fannie Mae, the world’s largest mortgage buyer.
Where do mortgage rates come from? And other questions first-timers may have about home loans.
Underbuilding has left America with demand that far outstrips housing supply, according to an NAR report.
The average U.S. rate for a 30-year fixed mortgage fell to 2.93%, marking the ninth week that rates have been at 3% or lower, Freddie Mac said.
Policymakers indicated rate hikes could come as soon as 2023, after saying in March that they saw no increases until at least 2024.
A spike in lumber prices has added about $36,000 to the cost of a new home as builders and renovators compete for limited supply from sawmills, NAHB said in a new report.
The housing wealth of Americans rose to a record $32 trillion dollars at the end of 2020, according to the Fed.
To qualify for a mortgage backed by the Veterans Administration, you may need to bump up your credit score.
Sales of new houses jumped in March to the highest level in more than 14 years as construction crews raced to meet a surge in demand.
