by Michael Dey | Feb 1, 2019 | Blog, Housing Economics
Nationally, interest rates on conventional purchase-money mortgages were nearly flat from November to December, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.83 percent for loans closed in late December, down 3 basis points from 4.86 percent in November.
The average interest rate on all mortgage loans was 4.82 percent, unchanged from November.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.98 percent, down 1 basis point from 4.99 in November.
The effective interest rate on all mortgage loans was 4.92 percent in December, up 1 basis point from 4.91 in November. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $318,600 in December, unchanged from November.
by Michael Dey | Jan 23, 2019 | Blog, Housing Economics, Top Stories
U.S. house prices rose in November, up 0.4 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.3 percent increase in October was revised to reflect a 0.4 percent increase.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From November 2017 to November 2018, house prices were up 5.8 percent.
For the nine census divisions, seasonally adjusted monthly price changes from October 2018 to November 2018 ranged from -0.8 percent in the Pacific division to +1.1 percent in the South Atlantic division, although the South Atlantic division saw a -0.3 percent drop from September to October. South Carolina is in the South Atlantic division.
The 12-month changes were all positive, ranging from +4.5 percent in the West South Central division to +7.4 percent in the Mountain division.
by Michael Dey | Dec 27, 2018 | Blog, Housing Economics
Nationally, interest rates on conventional purchase-money mortgages increased from October to November, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.86 percent for loans closed in late November, up 11 basis points from 4.75 percent in October.
The average interest rate on all mortgage loans was 4.82 percent, up 10 basis points from 4.72 in October.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.99 percent, up 12 basis points from 4.87 in October.
The effective interest rate on all mortgage loans was 4.91 percent in November, up 10 basis points from 4.81 in October. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $318,600 in November, up $3,500 from $315,100 in October.
by Michael Dey | Dec 27, 2018 | Blog, Housing Economics
U.S. house prices continue to trend up.
According to the Federal Housing Finance Agency (FHFA), U.S. house prices rose in October, up 0.3 percent from the previous month, according to FHFA’s seasonally adjusted monthly House Price Index (HPI). The previously reported 0.2 percent increase in September remained unchanged.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From October 2017 to October 2018, house prices were up 5.7 percent.
For the nine census divisions, seasonally adjusted monthly price changes from September 2018 to October 2018 ranged from -0.6 percent in the South Atlantic division (where Greenville is located) to +1.4 percent in the Pacific division. The 12-month changes were all positive, ranging from +3.3 percent in the Middle Atlantic division to +8.5 percent in the Mountain division.
Monthly index values and appreciation rate estimates for recent periods are provided in the tables and graphs on the following pages. Downloadable data and HPI release dates for 2019 are available on the HPI page.
by Michael Dey | Jun 13, 2018 | Uncategorized
U.S. house prices rose 1.7 percent in the first quarter of 2018 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.9 percent from the first quarter of 2017 to the first quarter of 2018. FHFA’s seasonally adjusted monthly index for March was up 0.1 percent from February.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
See video for the first quarter featuring Dr. Doerner.
Significant Findings
Home prices rose in all 50 states and the District of Columbia between the first quarter of 2017 and the first quarter of 2018. The top five areas in annual appreciation were: 1) Nevada 13.7 percent; 2) Washington 13.1 percent; 3) Idaho 11.1 percent; 4) Colorado 10.6 percent; and 5) Utah 9.9 percent.
Home prices rose in each of the 100 largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Las Vegas-Henderson-Paradise, NV, where prices increased by 17.1 percent. Prices were weakest in Tulsa, OK where they rose 0.8 percent.
Of the nine census divisions, the Pacific division experienced the strongest four quarter appreciation, posting a 9.5 percent gain between the first quarters of 2017 and 2018 and a 2.6 percent increase in the first quarter of 2018. Annual house price appreciation was weakest in the East South Central division, where prices rose 5.3 percent between the first quarters of 2017 and 2018.
