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  • Interest Rates | KW Park City Keller Williams Real Estate Blog

    Monday, December 23, 2019   /   by Nikki Keye

    Most Markets More Affordable Than Historic Average

    Measuring housing-market affordability typically involves making some comparisons. Of course, with any comparison, what you discover depends on what you're comparing. Home prices, after all, could be down from where they were last month but up compared to the same time last year. That's why the best comparison is usually one that takes the broadest and longest view. For ATTOM Data Solutions' fourth-quarter 2019 U.S. Home Affordability Report, they calculated current affordability levels then compared them to their long-term average. What they found was 53 percent of the 486 counties included in the report were more affordable than their historic average. That includes counties in and around Chicago, Washington D.C., and New York, with areas like Middlesex County (outside Boston), Orange County, (outside Los Angeles), and Bay County (Panama City) showing big gains in the past year. Todd Teta, chief product officer with ATTOM, says mortgage rates and wages are key. “Homes were actu. ...

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      pending home sales, interest rates

    Friday, November 29, 2019   /   by Nikki Keye

    Mortgage Rate Drop Pushes Demand Higher

    According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week, with rates dropping for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline follows a long-term downward trend that has pushed rates 115 basis points lower than they were at the same time last year. That's led to a significant bump in mortgage demand. Joel Kan, MBA's associate vice president of economic and industry forecasting, says, though this week's year-over-year comparison may be skewed, this year has been the best in over a decade. “The annual increase in refinance and purchase activity was even more prominent in this report because Thanksgiving was a week earlier last year,” Kan said. “However, with roughly five weeks of reporting data left in 2019, the mortgage market is on track for its best year for originations since 2007.” T! ...

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      heber city, pending home sales, interest rates

    Friday, November 1, 2019   /   by Nikki Keye

    Latest Report Finds Price Trends Steady

    Naturally, home prices are among the first things potential home buyers look at when deciding whether or not it's time for them to make a move. After all, they are the easiest housing-market barometer to read. It requires no expertise, for example, to look up homes for sale in any area and get a feel for how expensive or affordable they are. So where are home prices today and where might they be headed? Well, according to the S&P CoreLogic Case-Shiller Indices – which is considered a leading measure of U.S. home prices – current home price trends are holding steady. The latest index shows national home prices up 3.2 percent over last year, which is about the same as they were the previous month. Overall, home price trends show increases have been slowing for a while now and there's little expectation that they'll change any time soon. “The U.S. National Home Price NSA Index trend remained intact with a year-over-year price change of 3.2 percent,” Philip Murp. ...

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      interest rates, pending home sales

    Wednesday, October 30, 2019   /   by Nikki Keye

    Pending Sales Rise As Purchase Power Grows

    Pending home sales increased for the second consecutive month, according to new numbers from the National Association of Realtors. Their Pending Home Sales Index – which measures the number of contracts to buy homes signed each month – saw a 1.5 percent improvement over the month before. Signed contracts are now 3.9 percent higher than last year at the same time. Lawrence Yun, NAR's chief economist, says historically low mortgage rates are the main factor driving sales right now. “Even though home prices are rising faster than income, national buying power has increased by 6 percent because of better interest rates,” Yun said. “Furthermore, we've seen increased foot traffic as more buyers are evidently eager searching to become homeowners.” But while low mortgage rates are helping to offset price increases, affordability levels are largely dependent on inventory. And Yun says more new home construction is the answer to balancing housing supply with t. ...

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      interest rates, pending home sales