Mount Olympus Mortgage Blog - Latest Posts
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Homebuilder confidence has increased to 52 this month, the highest level seen in seven years according to the National Association of Home Builders. When the index average is above 50, it is an indication that homebuilders view sales conditions to be good. New employment and low mortgage rates have also influenced an increasing number of [...] ..read more.
Private residence home starts increased 6.8% averaging 914,000 last month. Housing starts overall have been growing year-over-year, jumping 28.6% from last May according to the U.S. Department of Housing and Urban Development and the U.S Census Bureau. Housing permits and completions have also grown from last year. Analysts at Econoday said, “housing appears to still [...] ..read more.
According to the Bankrate.com national survey of large lenders, 30-year fixed-rate mortgages increased to 4.14%, growing 0.13% from last week while the benchmark 30-year fixed-rate jumbo mortgage jumped 0.05%. This week’s benchmark 15-year fixed-rate mortgages jumped to 3.32%, a 0.04% increase from last week and the benchmark 5/1 adjustable-rate mortgage averaged 5.93%, the highest level seen [...] ..read more.
Fannie Mae stated in a new report that the United States economic growth is expected to continue to strengthen into next year increasing energy production and rising many household incomes. Doug Duncan, Fannie Mae Chief Economist said, “At the outset of the year, we forecasted that 2013 would witness sustainable but below-par growth as the [...] ..read more.
As home values grow and low interest rates begin to increase, the housing market is slowly changing from a buyer’s market to a seller’s market, which suggests great improvement overall. Construction companies are working hard to keep up with the housing demand and, in turn, creating a positive chain of events for the economy. Additionally, [...] ..read more.
The refinance index increased 5% last week, still 11% lower than 2 weeks prior, and 36% lower than the beginning of May 2013. The average contract interest rate for 30-year fixed-rate mortgage loans with a conforming loan balance jumped 4.15%, and the 30-year fixed-rate Mortgage increased 4.25%. According to the Industry Trade Group Report the [...] ..read more.
According to Freddie Mac, 30-year loan rates jumped to 3.91%, a 0.10% increase from last week. The average 15-year rate mortgage in the United States averaged 3.03%, increasing to the highest average seen in a year. Affordable mortgages have helped the economy and housing market grow, boosting home prices and sales since the housing recovery [...] ..read more.