Affordability Reaches Highest Level in 20 Years

Homes are more affordable to more families, according to the latest index for the first quarter of 2011 that shows affordability reaching its highest level in more than 20 years.

Nearly 75 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The previous high was set in the fourth quarter of 2010 with 73.9 percent.

“With interest rates remaining at historically low levels, today’s report indicates that home ownership is within reach of more households than it has been for more than two decades,” says Bob Nielsen, chairman of the National Association of Home Builders. Continue reading Affordability Reaches Highest Level in 20 Years

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Buyers Better Hurry: Rates Reach New Lows

For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey.

Meanwhile, the National Association of Home Builders reported this week that home affordability reached its highest level in 20 years, making the purchasing power for home buyers even better during this traditionally prime buying season. Continue reading Buyers Better Hurry: Rates Reach New Lows

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Interest rates continue to climb!

NEW YORK (TheStreet) — Mortgage rates continued to sail higher for the fifth consecutive week, according to Freddie Mac, with the most popular mortgages inching further toward 5%.

Traditional 30-year fixed mortgages cost 4.83% on average, for the week ended on Thursday, with a discount of 0.7 point. Though still below year-ago levels, those rates jumped significantly from the previous week’s 4.61% rate and the 4.17% low hit in early November; 30-year fixed rates haven’t been this high in seven months.

Mortgage Rates by RateZip.com

Continue reading Interest rates continue to climb!

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