Home prices increased at an annualized rate of 8.7% nationwide in the first quarter, down from a revised rate of 12.9% in the fourth quarter, according to the Conventional Mortgage Home Price Index released by Freddie Mac.The Pacific states recorded the biggest price increases, with a 13.3% annualized growth rate, Freddie Mac said. The South Atlantic states experienced the second-highest annualized gains in the first quarter, with a 12.7% growth rate, and the Middle Atlantic states came in third, at 9.8%. "Home prices are starting to feel the effects of the upward trend in mortgage rates," said Frank Nothaft, Freddie Mac's chief economist. "That trend continued during the first quarter, with 30-year fixed mortgage rates climbing from an average 6.15% in January to 6.32% in March, according to the Primary Mortgage Market Survey.... We are expecting about half of the increase that we saw in the national average home-value appreciation in 2005 and 2006, which puts annual home price growth between 6% and 8%, depending on how fast interest rates rise over the remainder of the year." The index was jointly developed by Freddie Mac and Fannie Mae. Freddie Mac's website address is http://www.freddiemac.com.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
1h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
1h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
1h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
2h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
5h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
5h ago