Home Prices Up $12,700 in June

Who says home prices are falling? Certainly not the Federal Housing Finance Board, which reports that home prices as calculated in its monthly survey increased by $12,700 in June to a national average of $309,700.In another bit of good news, the agency also reported that the average loan-to-price ratio in June was 79.7%, down 70 basis points from 80.4% in May. That means borrowers are putting slightly more of their own money into the deal when they borrow to buy or refinance their homes. The monthly study also said the average rate on conventional 30-year fixed-rate loans rose by 23 bps to 6.59% in June. But since the rate is generally determined 30-45 days before the loans surveyed were closed, the June average is more reflective of market conditions in mid- to late May.