Here is what was at the top of the headlines for the mortgage industry this past week.
Prices Jump 6.5% in April as Homes Sell at Record Speeds. Home sales across Redfin markets increased at a rate of 5.4 percent in April compared to a year earlier, and the median sale price rose 6.5 percent year-over-year to $275,700. April was the third month in a row that prices grew above 6 percent, a sign that demand is putting more upward pressure on prices.
Metro Home Prices Maintain Steady Growth in First Quarter of 2015. Stronger demand amidst lagging inventory levels caused home prices to accelerate in many metro areas during the first quarter of 2015, and the number of areas experiencing double-digit price appreciation doubled compared to last quarter, according to the latest quarterly report by the National Association of Realtors®.
3 Ways Homebuyers Can Win Bidding Wars. While there is not a perfect formula for how to win a bidding war, which is more likely than not to happen in today’s market, there are tactics that homebuyers and their Real Estate Agents can use to try and secure a home.
Mortgage Rates Wander Upward for the Third Week in a Row. Pushed up by Treasury yields, mortgage rates wandered upward for the third week in a row, according to the latest data released Thursday by Freddie Mac. The 30-year fixed-rate average climbed to 3.85 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.8 percent a week ago and 4.2 percent a year ago.
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