Home Prices Up – Mortgage Rates Up
Home prices in East Cobb and North Fulton have increased month over month for the last four months in a row! Data through April 2013 presented by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices showed average home prices increased 11.6 percent and 12.1 percent for the 10- and 20-City Composites in the 12 months ending in April 2013. The cities of Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains since the start of their respective indices. Atlanta, Las Vegas, Phoenix and San Francisco posted year-over-year gains of over 20 percent in April. Mortgage rates are trending up as well. The average 30-year fixed-rate mortgage (FRM) rose from 3.93 percent last week to 4.46 percent this week; the highest it has been since the week of July 28, 2011. Last year at this time, the 30-year FRM averaged 3.66 percent. This represents the largest weekly increase for the 30-year FRM since the week ending April 17, 1987. Despite recent gains in mortgage rates, homebuyer affordability remains which should help fuel the ongoing housing recovery.
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