KEY POINTS •Mortgage rates have been falling steadily since late April, and that may be reigniting home price appreciation. •The median price of a home sold in May rose 3.6% from a year earlier, according to Redfin. That is the largest gain in seven months. •Home price gains had been shrinking since last summer, when rates rose sharply. Mortgage rates have been falling steadily since the Continue Reading

KEY POINTS •The majority of consumers now think it is much harder to qualify for a home loan than it actually is. •Consumers either didn’t know or overestimated the minimum credit score needed to qualify for a loan. •Consumers also overestimated the required down payment on a mortgage. After the subprime mortgage crisis and the collapse of the U.S. housing market in 2008, lending standards Continue Reading

Mortgage rates are falling fast but not enough to offset high home prices. Buyers are still pulling back. Total mortgage application volume increased 1.5% last week from the previous week and 12% from a year earlier, according to the Mortgage Bankers Association’s seasonally adjusted index. The gains were driven by refinances. The average contract interest rate for 30-year fixed-rate mortgages Continue Reading