Mortgage Market News

Housing market news continues to stream in with favorable numbers this week after solid data from the Case-Shiller Home Price Index and New Home Sales earlier in the week. The National Association of REALTORS® (NAR) reported on Thursday that Pending Home Sales in April rose by 3.4%, led by the Northeast and Midwest, while all regions saw gains. The index now stands at 112.4, up 14% from April 2014 and at the highest level since May 2006 (112.5). A spokesperson from the NAR said that foot traffic remains elevated, despite limited inventory shortages in many metro areas.
The solid housing data has driven home loan rates to new highs for 2015, though still just above historically low levels. The 30-year fixed conventional home loan rate ($417,000 or less) rose to 3.87% with 0.6 in points and fees, according to Freddie Mac. A report released today by realtor.com said that delaying a home purchase this year could cost you more money in the future. The report said that interest rates and home prices are expected to climb in the next year.
Americans filing for first time unemployment benefits continue to hover near multi-year lows in the latest week as the job market continues to improve. Weekly Initial Jobless Claims rose by 7,000 in the latest week to 282,000, above the 274,000 expected. Claims have now remained below the 300,000 level for 12 straight weeks, which is a long period of time given the economic woes in the first quarter of the year. Within the report it showed that there are 2.2 million people receiving benefits after an initial week.
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