07-05-2019

UP AGAIN

Home prices were up month-over-month .9% and 3.6% year-over-year according to CoreLogic’s May Home Price Insights report. CoreLogic Chief Economist Dr. Frank Nothaft describes the latest numbers saying, “Interest rates on fixed rate mortgages fell by nearly one percentage point between November 2018 and May. This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home price growth accelerated for the first time since March 2018.”

EYE-OPENING EQUITY

Along with home prices, home equity continues to grow nationwide with the exception of North Dakota. CoreLogic reports that Idaho and Nevada gained the most home equity in Q119 with an average of $21K. Wyoming followed with a $20K average gain, Utah at $19K and Hawaii with $16K. Home prices in North Dakota plunged -$16K during the same period.

FIXED RATE FLASHBACK

Mortgage interest rates dove to their lowest level in over 30 months according to Freddie Mac’s Primary Mortgage Market Survey for the week ending June 27. Freddie analysts expect near-term market improvement in home sales and prices.

COMMUTE CALCULATOR?

How important is drive time? According to a realtor.com® user survey, 85% of respondents said they would sacrifice home features like square footage for a shorter commute. Another 40% are seeking to reduce their commutes by up to 45 minutes. The survey was conducted in advance of the home search site’s release of its Commute Time Filter for iOS. Realtor.com® also plans to release an Android version of the new app that allows users to evaluate commute times during rush-hour and off-peak times.

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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