Posted To: Mortgage Rate Watch

A heat wave on the west coast got national attention this week. Despite temps close to 120°, Tuesday’s home price data was even hotter with both of the big reports telling the same story. FHFA prices (nationwide) are increasing at a record pace . Case Shiller (20 major metro areas) price appreciation isn’t quite back to its pre-mortgage-meltdown level. How hot is too hot? That depends. Prices can’t continue this pace indefinitely, but many people said the same thing late last year only to regret not pulling the trigger. Some recent sales numbers cast doubt on buyers’ willingness to chase these prices, but now this week’s Pending Home Sales report shows that May was one of the best months on record. Rates had a good week , with most lenders at or near their best levels since mid June at…(read more)

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Source: Mortgage News Daily