According to CoreLogic, since this time last year, home prices have increased by 3.6%! Since last month, they have increased by 1%. CoreLogic also forecasts that home prices will continue to appreciate by about 4.7% over the next year.
Dr. Frank Nothaft, Chief Economist for CoreLogic said, “The pickup in sales between March and April has helped to counter the recent slowing in annual home price growth.” Dr. Nothaft also said, “Mortgage rates are 0.6% below what they were one year ago and incomes are up, which has improved affordability for buyers.”
With these appreciation improvements and low interest rates, it is clear that this is a great time to purchase a home. Speaking of interest rates, the MBA released their application index, and it shows that refinances are up 6% for the week and 33% over the last year. Refinances now make up about 42% of all mortgage applications. With the latest decline in interest rates, many homeowners are taking advantage of the savings and refinancing their current loans.
Whether you are in the market for a new home or getting ready to refinance, this is a great time to start the process and see what you qualify for. Call Advisors Mortgage today to see how we can help.
Source: CoreLogic
By: Jon Iacono