Standard & Poor's/Case-Shiller Home Price Index: May 2012

The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through May 2012 -- was released July 31. The report shows the Washington region's housing market continues to perform above other markets nationwide.

Local statistics can be found at Real Estate Business Intelligence (RBI) which provides housing data for specific neighborhoods in Washington, DC and surrounding suburbs. RBI's latest report -- released July 10 -- is a very specific picture of the Washington, DC Metro Area housing market.

For a better understanding of how to interpret housing data from different reports take a look at my blog post How to Evaluate Housing Reports.

Washington Metropolitan Statistical Area (MSA)

DC, Maryland, Virginia, West Virginia

• S&P reports on an annual basis DC area home prices increased 2.8% from May 2011.
  
  
• On a monthly basis home prices in the Washington region rose 2.5% from April to May on a non seasonally adjusted basis.
  
  
• According to the S&P/Case-Shiller 2011 Year in Review -- released March 16th -- single-family home prices in Washington, DC increased 8.4% from market bottom in 2009 and are about 80% above their 2000 levels.

Nationwide

• Home prices fell annually by 1.0% for the 10-City Composite and by 0.7% for the 20-City Composite versus May 2011.
  
  
• On a monthly basis average home prices increased by 2.2% in May over April.

Methodology

When reviewing the S&P/Case-Shiller data keep in mind the following critical points:

• Property Status - The S&P/Case-Shiller Home Price Indices include statistics for distressed properties (i.e. foreclosures, short sales), skewing home prices lower.
  
  
• Report Date - These numbers are for May 2012. The S&P/Case-Shiller Home Price Indices are published on a 2-4 month lag to offset delays in sales price data from county deed recorders.
  
  
• Property Type - The index reports single-family/detached home prices only; condo and co-op sales statistics are not included in the analysis for the DC area.

Washington Metropolitan Statistical Area Defined

S&P methodology defines the Washington region as a vast "Metropolitan Statistical Area" stretching aross three states from West Virginia, through the District of Columbia, and into Maryland. Housing market statistics for such a vast area bear little relevance for an individual consumer seeking clarity on local home values. Below is the area described as Washington:

• Washington, DC
• Maryland - Calvert, Charles, Frederick, Montgomery, and Prince Georges Counties
• Virginia - Alexandria City, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City; Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, Stafford, Warren Counties
• West Virginia - Jefferson County

*     *     *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

Weekly Newsletter: July 22-28

My latest DC real estate newsletter for the week of July 22-28 contains the following updates on the local Washington Area housing market:

• Delta Associates reports DC area prices up 5.4%, sales up 9.2% over 2nd quarter of last year.  Inventory is the lowest since 2005 putting upward pressure on prices.
  
  
• RBI reports housing inventory has dropped 32.4% as median sales price increased 4.6% from June 2011.
  
  
• NAR reports pending homes sales increased 9.5% over June 2011.
  
  
• Another week of record-breaking lows for fixed rate mortgages.

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• new developments and projects
• buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

H Street Area Open Houses: July 28-29

In the hyperlinks below I've attached open houses scheduled in and around H Street for the weekend of July 28-29, 2012.

• All results are sorted in order of list price for easy reference.
• Globe and camera icons next to individual listings show maps and photos.
• All property types are included: townhouses, semi-detached homes, condos/coops, single-family homes, etc.

Need more? I've also compiled a list of all DC, MD, VA open houses this weekend should your search parameters encompass other areas.


H Street

• Saturday, July 28 - 1 open
• Sunday, July 29 -  7 opens

Bloomingdale,Truxton Circle, and Eckington

• Saturday, July 28 - 6 opens
• Sunday, July 29 - 8 opens

New Housing Market Data

Delta Associates Washington Area Housing Outlook for 2nd quarter 2012 was released July 27.  Second quarter prices rose 5.4% over last year, sales volume increased 9.2%.  The average selling price in the 2nd quarter of 2012 is 98.1% of list price -- the highest since 3rd quarter 2005. The housing market at mid-year 2012 in the Washington Metro Area appears to be in full recovery.

The National Association of Realtors Pending Home Sales Index -- with data through June 2012 -- was released July 26. Nationwide contracts rose 9.5% higher than June 2011 levels.

Delta Associates Washington Condominium Market Overview was released July 5. Condo resale prices increased 8.5% from June of last year while inventory remains low. Sales are up 36% over the quarterly average in 2011. The strongest condo sales were in the Capital East market — which includes the H Street corridor.

The Real Estate Business Intelligence (RBI) analysis of the DC metro area housing market -- with data through June 2012 -- was released July 10. Compared to June 2011 sales are up 5.7%, inventory has fallen 33.2%. Low housing inventory has put an upward pressure on prices -- the median sales price rose 5.3% over June of last year.

The latest Clear Capital Home Data Index Market Report -- with data through June 2012 -- was released July 10. Washington-Arlington-Alexandria ranked 6th out of the 15 highest performing housing markets nationwide. Home prices in the DC area rose 10.1% over June 2011, compared to a nationwide gain of 1.7%.

For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

DC, MD, VA Open Houses: July 28-29

In the hyperlinks below I've attached open houses scheduled this weekend in DC, Arlington, Alexandria, and the close-in Montgomery County suburbs.

• All results are sorted in order of list price for easy reference.
• Globe and camera icons next to individual listings show locations and photos.
• All property types are included: condos/coops, single-family homes, townhouses, semi-detached homes, etc.

Washington, DC

• Saturday, July 28 - 28 opens
• Sunday, July 29 -  199 opens

Arlington

• Saturday, July 28 - 7 opens
• Sunday, July 29 - 90 opens

Alexandria

• Saturday, July 28 - 7 opens
• Sunday, July 29 - 65 opens

Montgomery County

Bethesda, Chevy Chase, Potomac, Rockville, Silver Spring, Takoma Park

• Saturday, July 28 - 31 opens
• Sunday, July 29 - 171 opens

New Housing Market Data

Delta Associates Washington Area Housing Outlook for 2nd quarter 2012 was released July 27. Second quarter prices rose 5.4% over last year, sales volume increased 9.2%. The average selling price in the 2nd quarter of 2012 is 98.1% of list price -- the highest since 3rd quarter 2005. The housing market at mid-year 2012 in the Washington Metro Area appears to be in full recovery.

The National Association of Realtors Pending Home Sales Index -- with data through June 2012 -- was released July 26.  Nationwide contracts rose 9.5% higher than June 2011 levels.

Delta Associates Washington Condominium Market Overview was released July 5. Condo resale prices increased 8.5% from June of last year while inventory remains low. Sales are up 36% over the quarterly average in 2011.

The Real Estate Business Intelligence (RBI) analysis of the DC metro area housing market -- with data through June 2012 -- was released July 10. Compared to June 2011 sales are up 5.7%, inventory has fallen 33.2%. Low housing inventory has put an upward pressure on prices -- the median sales price rose 5.3% over June of last year.

The latest Clear Capital Home Data Index Market Report -- with data through June 2012 -- was released July 10. Washington-Arlington-Alexandria ranked 6th out of the 15 highest performing housing markets nationwide. Home prices in the DC area rose 10.1% over June 2011, compared to a nationwide gain of 1.7%.


For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

Delta Associates Washington Area Housing Outlook: 2Q 2012

Delta Associates Washington Area Housing Outlook for 2nd quarter 2012 was released July 27.  By most measures, the Washington Metro Area housing market has consistently performed better than other metro areas’ housing markets. This is seen most clearly when examining longterm performance.

The for-sale housing market at mid-year 2012 in the Washington Metro Area appears to be in full recovery with record low inventory, prices and volume up over the past year at healthy paces, and days on market below the long-term average.

• 2nd quarter prices: Up 5.4% over the past year.
• Sales volume: Up 9.2% over the past year.
• Days on market: Down over the year to just 59 days in the 2nd quarter, and has dipped well below the long-term average of 78 days.
• Months of inventory: At current rates of sales velocity, inventory has declined dramatically in recent quarters. Months of inventory, at 2.3 months, is the lowest it has been since the boom days of 2005.

Core

District of Columbia, Alexandria, Arlington

In Core areas of DC, Alexandria, and Arlington average home prices are up 4.2% higher than 2nd quarter of 2011.  Days-on-market decreased to 53 days, from 68 days one year ago.

• District: the average price in the 2nd quarter of 2012 is 3.1% higher than one year earlier.
• Alexandria: the average sales price in the 2nd quarter is 0.3% higher than one year ago.
• Arlington: the average price is 7.9% higher than a year ago.

Inner Ring Suburbs

Fairfax, Montgomery, Prince Georges Counties

Home prices rose an average of 6.3% in the Inner Ring suburbs of Fairfax, Montgomery, and Prince Georges counties combined.  Average time on market fell to 61 days, down from 70 days one year ago.

• Fairfax: home prices are 2.3% higher than 2nd quarter 2011
• Montgomery: prices are 5.0% higher over the same period
• Prince Georges: home prices are 7.1% higher than a year ago

Washington Area

District, Alexandria, Arlington; Fairfax, Montgomery, Prince Georges Counties;

Loudoun, Prince William, Frederick Counties

Prices: In the Washington Area the average selling price in the 2nd quarter of 2012 is 98.1% of list price. This ratio is the highest it has been since the 3rd quarter of 2005, and is well above the recent trough of 89.9% in the 1st quarter of 2009.

Inventory: Inventory at the end of the 2nd quarter of 2012 is the lowest it has been since the 2nd quarter of 2005 – the peak of the last housing cycle. The Washington area has an average of 2.3 months of forsale inventory at the end of the 2nd quarter of 2012, down from 3.5 months of inventory one year ago. In recent years, the Washington area’s average prices tend to rise when the ratio of inventory to sales is below six months.

Sales Volume: Sales volume in the 2nd quarter of 2012 is up over the year, by 9.2%. This is a contrast to 2011 when the number of homes sold metro-wide was down 4.5% from 2010.

* * *

Delta Associates is a firm of experienced professionals offering research, advisory, and valuation services to the real estate industry for over 30 years. The firm's Housing Outlook draws from a wide variety of sources including the Bureau of Labor Statistics, the Federal Housing Finance Agency, the National Association of Realtors, Standard & Poor's/Case-Shiller, and the U.S. Census.

NAR: Pending Home Sales 9.5% Higher Than June 2011

The latest Pending Home Sales Index of the National Association of Realtors -- with data through June 2012 -- was released July 26.

The Index tracks the number of properties under contract nationwide and by region. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Lawrence Yun, NAR chief economist, said low housing inventory is a factor shaping the market nationwide.  Generally speaking fewer listings lead to greater buyer competition for fewer available properties, higher prices, shorter days-on-market and increased sales-to-list-price ratios.

“Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” Yun said.  “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

Nationwide

• Annually: contracts increased 9.5% over June 2011
• Monthly: contracts dropped 1.4% from May to June

Region

• Northeast - pending home sales fell 7.6% in June but remain 12.2% higher than a year ago
• Midwest - the index slipped 0.4% in June but is 17.3% above June 2011
• South - declined 2.0% in June but are 8.8% above a year earlier
• West - the index rose 2.6% in June and is 3.0% higher than June 2011

The Pending Home Sales Index has continued to show a steady increase in contracts activity in 2012.

• May 2012 - contracts rose 13.3% over May 2011
• April 2012 - contracts increased 14.4% over April 2011
• March 2012 - a rise of 12.8% was reported over March 2011
• February 2012 - contracts jumped 9.2% over February 2011
• January 2012 - rose 8% over January 2011

The increase in pending home sales as the summer housing market is underway indicates buyers are becoming more motivated as mortgage rates drop and sectors of the economy slowly show signs of improvement.

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

Freddie Mac: 30-Year Fixed-Rate Mortgage Averages a Record-Breaking 3.49%

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, July 26 showing fixed mortgages rates continuing their streak of record-breaking lows.

• 30-Year fixed rate mortgage averaged 3.49% -- down from 3.53% last week and 4.55% one year ago
  
  
• 15-Year fixed rate mortgage averaged 2.80% -- down from 2.83% last week and 3.66% one year ago

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.

To compare and track average mortgage rates from previous weeks throughout the year consult Freddie Mac's Compilation of Weekly Survey Data for 2012.

Mortgage calculators to compare payments and equity:

• Freddie Mac
• Bankrate.com
• The Federal Reserve Board

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

June 2012 Washington DC MarketWatch

The latest Real Estate Business Intelligence (RBI) MarketWatch video of the Washington, DC housing market and economy -- with data through June 2012 -- was released July 20. 

In June 2012 low housing inventory and strengthening sales has produced upward pressure on prices, reduced days on market, and increased sales-to-list price ratio.  More housing statistics on a specific area are available at RBI by zip code.

RBI offers MarketWatch videos for all eight regions in the Maryland, DC, Virginia, West Virginia and Pennsylvania area within MRIS juridiction.

A summary of the Washington, DC housing markets June 2012 statistics:

• housing inventory has dropped 32.4% below a year ago
  
  
• median sales price increased 4.6% from June 2011
  
  
• sales are up 5.9% -- 702 homes sold in June, the highest sales level in 2 years
  
  
• pending sales increased 2.4% -- 757 contracts were signed in June, the highest since June 2005
  
  
• days-on-market dropped to 52, down 23.5% from last year
  
  
• sale-to-list-price ratio is 97.4%, an increase of 2.9% from last year

Real Estate Business Intelligence (RBI) is the research component of local multiple listing service MRIS. RBI provides the most recent and accurate housing market statistics to the public based on actual sales recorded in MRIS. At RBI you can search sales statistics by your local zip code, county, or region.

MBA: Weekly Mortgage Survey, Refis at Highest Level Since 2009

The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending July 20, 2012 -- was released July 25.  The 30-year fixed rate has been below 4% since the week ending May 4, 2012.

• The Market Composite Index, a measure of mortgage loan application volume, increased 0.9% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index also increased 0.9% compared with the previous week.
  
  
• The Refinance Index increased 2% from the previous week to its highest level since April 19, 2009.
  
  
• The seasonally adjusted Purchase Index decreased 3% from one week earlier to its lowest level since June 22, 2012. The unadjusted Purchase Index decreased compared with the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) remained unchanged at 3.74%, the lowest rate in the history of the survey, with points decreasing to 0.43 from  0.45 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. 

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.07%, the lowest rate in the history of the survey, from 3.12%, with points decreasing to 0.45 from 0.48 (including the origination fee) for 80% LTV loans.

* * *

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's web site: www.mortgagebankers.org.

Weekly Newsletter: July 15-21, 2012

My latest DC real estate newsletter for the week of July 15-21 contains the following updates on the local Washington Area housing market:

• RBI reports DC Area distressed sales drop 22% below June 2011.
• National Association of Realtors reports prices rise 7.9% over June 2011.
• The Wall Street Journal reports home prices rise for the 5th consecutive month nationwide.
• Another week of record-breaking lows for fixed rate mortgages.

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• new developments and projects
• buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

H Street Open Houses: July 21-22

In the hyperlinks below I've attached open houses scheduled in and around H Street for the weekend of July 21-22, 2012.

• All results are sorted in order of list price for easy reference.
• Globe and camera icons next to individual listings show maps and photos.
• All property types are included: townhouses, semi-detached homes, condos/coops, single-family homes, etc.

Need more? I've also compiled a list of all DC, MD, VA open houses this weekend should your search parameters encompass other areas.


H Street

• Saturday, July 21 - 1 open
• Sunday, July 22 - 8 opens

Bloomingdale,Truxton Circle, and Eckington

• Saturday, July 21 - 7 opens
• Sunday, July 22 - 9 opens

New Local Housing Market Data

Delta Associates Washington Condominium Market Overview was released July 5. Condo resale prices increased 8.5% from June of last year while inventory remains low. Sales are up 36% over the quarterly average in 2011. The strongest condo sales were in the Capital East market — which includes the H Street corridor.

The Real Estate Business Intelligence (RBI) analysis of the DC metro area housing market -- with data through June 2012 -- was released July 10. Compared to June 2011 sales are up 5.7%, inventory has fallen 33.2%. Low housing inventory has put an upward pressure on prices -- the median sales price rose 5.3% over June of last year.

The latest Clear Capital Home Data Index Market Report -- with data through June 2012 -- was released July 10. Washington-Arlington-Alexandria ranked 6th out of the 15 highest performing housing markets nationwide. Home prices in the DC area rose 10.1% over June 2011, compared to a nationwide gain of 1.7%.

For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

DC, MD, VA Open Houses: July 21-22

In the hyperlinks below I've attached open houses scheduled this weekend in DC, Arlington, Alexandria, and the close-in Montgomery County suburbs.

• All results are sorted in order of list price for easy reference.
• Globe and camera icons next to individual listings show locations and photos.
• All property types are included: condos/coops, single-family homes, townhouses, semi-detached homes, etc.

Washington, DC

• Saturday, July 21 - 21 opens
• Sunday, July 22 - 226 opens

Arlington

• Saturday, July 21 - 8 opens
• Sunday, July 22 - 87 opens

Alexandria

• Saturday, July 21 - 11 opens
• Sunday, July 22 - 74 opens

Montgomery County

Bethesda, Chevy Chase, Potomac, Rockville, Silver Spring, Takoma Park

• Saturday, July 21 - 31 opens
• Sunday, July 22 - 170 opens

New Local Housing Market Data

The Real Estate Business Intelligence (RBI) analysis of the DC metro area housing market -- with data through June 2012 -- was released July 10. Compared to June 2011 sales are up 5.7%, inventory has fallen 33.2%. Low housing inventory has put an upward pressure on prices -- the median sales price rose 5.3% over June of last year.

The latest Clear Capital Home Data Index Market Report -- with data through June 2012 -- was released July 10. Home prices in the DC area rose 10.1% over June 2011, compared to a nationwide gain of 1.7%. Washington-Arlington-Alexandria ranked 6th out of the 15 highest performing housing markets nationwide.

Delta Associates Washington Condominium Market Overview was released July 5. Condo resale prices increased 8.5% from May of last year while inventory remains low. Sales are up 36% over the quarterly average in 2011.

For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

U.S. Census: Housing Starts Up 23.6% Over June 2011

Building permits, housing starts, and housing completions have all risen over last year. The latest monthly report for new residential construction from the U.S. Census Bureau and the Department of Housing and Urban Development -- containing data through June 2012 -- was released July 18.  Below is a summary of the latest figures:

Building Permits

• up 19.3% over June 2011
• 3.7% below the revised May rate

Housing Starts

• up 23.6% over June 2011
• up 6.9% over May

Housing Completions

• up 7.2% over June 2011
• 2.6% above May

Economic indicators for new residential construction and sales, manufacturing, retail, U.S. international trade, construction spending, and homeownership are released every month by the U.S. Census and Department of Housing and Urban Development. The May 2012 report is due June 19, 2012.

NAR: Existing Home Sales Up 4.5%, Prices Rise 7.9%

 

 

The National Association of Realtors existing home sales report -- with data through June 2012 -- was released July 19.  Existing-home sales are completed transactions for the month prior; new construction is excluded from review. Data includes all property types: single-family homes, townhomes, condominiums and co-ops.

Lawrence Yun, NAR chief economist, said the big story is low inventory and price recovery. "Despite the frictions related to obtaining mortgages, buyer interest remains solid. But inventory continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets".

NAR President Moe Veissi, said "Buyer traffic has virtually doubled from last fall."  "The very favorable market conditions are helping to unleash a pent-up demand, which is why housing supplies have tightened and are supporting growth in home prices. Nonetheless, incorrectly priced homes will not attract buyers."

 

Nationwide

The national median existing-home price for all housing types was $189,400 in June, up 7.9% from a year ago. This marks four back-to-back monthly price increases from a year earlier, which last occurred in February to May of 2006. June's gain was the strongest since February 2006 when the median price rose 8.7% from a year prior.

 

• Single-family home sales are 4.8% above June 2011. The median existing single-family home price was $190,100 in June, up 8.0% from a year ago.

 
• Condominium and co-op are 2.2% higher than a year ago. The median existing condo price was $183,200 in June, which is 6.9% above June 2011.

Region

• Northeast - Existing-home sales rose 1.9% above June 2011.
• Midwest - Sales are 14.6% higher than a year ago.
• South - Sales are 5.5% above June 2011.
• West - Sales dropped 3.6% below a year ago.

 

Local Perspective

 
RealEstate Business Intelligence housing data -- released July 10 --  reports the following changes in the local housing market:

• Median sale price for the Washington Metro Area has reached $400,000 for the first time since June of 2008.  The increase marks a rise of 5.3% compared to June 2011 and the fifth consecutive month of year-over-year gains.
  
  
• In the District alone the median sales price reached $455,000 last month, topping a peak of $438,500 not seen since 2006. June prices in DC rose 4.6% from June 2011.
  
  
• Sales in the Washington Metro Area rose 5.7% from June 2011, the third consecutive month with year-over-year gain in sales.
  
  
• Active listings in the Washington DC Metro Area in June was a historic low: 33.2% below June 2011.  Low inventory continues to put upward pressure on prices, causing average days-on-market and sale-to-list ratios to tighten. 

  

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

 

 

 

 

Freddie Mac: Record Low Mortgage Rates Stir The Housing Market

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, July 19 showing average 30-year and 15-year fixed-rate mortgages hitting new all-time record lows along with the 5-year ARM. The average 30-year fixed has been below 4% all but one week in 2012. The average 15-year fixed-rate mortgage has been below 3% for 8 consecutive weeks.

• 30-Year fixed rate mortgage averaged 3.53% -- down from 3.56% last week and 4.52% one year ago
  
  
• 15-Year fixed rate mortgage averaged 2.83% -- down from 2.86% last week and 3.66% one year ago
  

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.

To compare and track average mortgage rates from previous weeks throughout the year consult Freddie Mac's Compilation of Weekly Survey Data for 2012.

Mortgage calculators to compare payments and equity:

• Freddie Mac
• Bankrate.com
• The Federal Reserve Board

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

MBA Mortgage Applications Jump 16.9%

The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending July 13, 2012 -- was released Wednesday, July 18.

• The Market Composite Index, a measure of mortgage loan application volume, increased 16.9% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 46% compared with the previous week.
  
  
• The Refinance Index increased 22% from the previous week and is at the highest level since mid-June.  The refinance share of mortgage activity increased to 80.1% of total applications, up from 77% the previous week.
  
  
• The seasonally adjusted Purchase Index decreased 0.1% from one week earlier. The unadjusted Purchase Index increased more than 25% compared with the previous week and was 3% lower than the same week one year ago.

* * *

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's web site: www.mortgagebankers.org.