Home Purchase Rates
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

 Rate disclaimer

PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%

Mortgage Brokers & Lenders Directory

You can search our directory or Mortage Brokers & Lenders and get a current quote on 30 year fixed mortgage rates as well as current mortgage interest rate for other loan programs.

Mortgage Brokers:

Most Existing Home Sales Since November 2009

Written By:
April 04, 2013 at 11:44 PM

Home Buying Increase Sold Sign

Anyone question whether the housing market is actually in recovery may want to look at the latest existing home sales data for February. The National Association of Realtors (NAR) reports that existing -homes sales increase 0.8% compared to January. The increase represents a seasonally adjusted annual rate of 4.98 million units.

This volume of sales is also 10.2% higher than the 4.52 million unit rate reached in February 2012. NAR revised the January annual rate up to 4.94 million units.

For 20 straight months, sales have exceeded year-to-year levels. February sales registered the highest volume for existing homes since November 2009 when the first time home buyer tax credit was in effect.

Existing-home sales consist of transactions that actually closed and transferred title to single-family homes, townhomes, condominiums and co-ops.

Dynamics At Play

The NAR’s chief economist Lawrence Yun believes several factors are fueling “continued housing improvement” including a strengthening housing market, an improving economy that is adding jobs and the blooming demand for housing.

These elements have lead to a seller’s market in many areas, home price appreciation and rising rental prices.

According to Yun, home prices are “rising much faster than rents, historically low mortgage rates are still making home purchases affordable." He points to the inventory shortage and mortgage lenders’ tight credit criteria as too “restrictive” and obstacles to taking the market higher.

Home Inventory and Median Price

The NAR also reports that the total housing inventory increase 9.6% to 1.94 million existing homes available for sale in February. This equates to a 4.7 month supply compared to 4.3-month supply in January. The January figure represents the lowest inventory level since May 2005. Compared to the same period last year when the available supply was 6.4 months, the listed inventory is 19.2% lower.

In February, the national median existing home price for all housing categories rose to $173,600, an 11.6% hike over February last year. The year-over-year increase represents the strongest monthly gain since November 2005 when housing prices rose 12.9% compared to the previous year. This is the first time there have been12 straight months of year-over-year price increases since the period of June 2005 to May 2006.

Yun states that homeowners have gained $1.4 trillion in home equity over the past year because of “a strong rise in home values.” Furthermore, “the extra consumer spending arising from growth in housing wealth is expected to be $70 billion to $110 billion this year," said Yun.

Foreclosures and Short Sales

Foreclosures and short sales increased to 25% of total existing home sales in February compared to 23% in January. However, the figure is down from February 2012 when distressed home sales equal 34% of all existing home sales.

Foreclosures made up 15% of February sales and short sales 10%. The average foreclosed home sold for a discount of 18% below market rate home. The average discount for short sale transactions was 15%.

Mortgage Rates

Based on Freddie Mac’s weekly mortgage survey, the average interest rate for a 30-year conventional fixed rate home mortgage increased to 3.53% in February—up from 3.41% the prior month. Last year, the national average rate for the product was 3.89%.

Putting the historically low mortgage interest rates into perspective, the president of NAR Gary Thomas said that the past15 months represents the only time "In the history of mortgage interest rates since 1971, the 30-year fixed rate has been below 4 percent.”





More About Home Buying
Please sign-in with Facebook.

Home Buying by State
Alabama Home Buying Illinois Home Buying Montana Home Buying Rhode Island Home Buying
Alaska Home Buying Indiana Home Buying Nebraska Home Buying South Carolina Home Buying
Arizona Home Buying Iowa Home Buying Nevada Home Buying South Dakota Home Buying
Arkansas Home Buying Kansas Home Buying New Hampshire Home Buying Tennessee Home Buying
California Home Buying Kentucky Home Buying New Jersey Home Buying Texas Home Buying
Colorado Home Buying Louisiana Home Buying New Mexico Home Buying Utah Home Buying
Connecticut Home Buying Maine Home Buying New York Home Buying Vermont Home Buying
Delaware Home Buying Maryland Home Buying North Carolina Home Buying Virginia Home Buying
District of Columbia Home Buying Massachusetts Home Buying North Dakota Home Buying Washington Home Buying
Florida Home Buying Michigan Home Buying Ohio Home Buying West Virginia Home Buying
Georgia Home Buying Minnesota Home Buying Oklahoma Home Buying Wisconsin Home Buying
Hawaii Home Buying Mississippi Home Buying Oregon Home Buying Wyoming Home Buying
Idaho Home Buying Missouri Home Buying Pennsylvania Home Buying