· Australian home prices have been falling for 11 months, according to data from CoreLogic. The group says recent out-of-cycle mortgage increases from major lenders could lead to even weaker market conditions. Sales volumes are low and listing levels are higher than a year ago, adding additional headwinds for price.
· Mortgage rates today, August 24, 2018, plus lock recommendations. Average mortgage rates today are higher if you want a conventional (non-government) product. Durable Goods Orders, which are orders for high-ticket items, (expected to drop .9 percent) actually fell a whopping 1.7 percent, That’s good for mortgage rates because it indicates weakness in the economy and a possible reprieve.
· Home price gains had been shrinking since last summer, when rates rose sharply, but now they are making a U-turn as rates have been falling pretty steadily since April. The median price of a home sold in May rose 3.6% compared with a year.
1) House prices probably do rise when interest rates rise as increases in interest rates are generally telegraphed beforehand and people rush to close a purchase before the higher interest rates come into effect thus driving up prices – it has been argued by many that this helped drive prices up in Canada in the spring of 2010.
· One sign of an asset bubble is that home prices have escalated. National median family home prices are 32% higher than inflation. That’s similar to 2005, when they were 35% overvalued.
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Ultimately, however, prices are determined by supply and demand and while rising mortgage rates may slow demand, they also affect supply. The Freddie Mac report, in acknowledging this situation, concluded that prices are not adversely impacted by rising mortgage rates. They explained: "While there is a drop in the demand for homes,
President Donald Trump is hoping a wave of tax-cut-fueled economic euphoria will boost his approval ratings and his party’s political fortunes this fall. A sharp spike in gas prices. cards to home.
Mortgage rates have been falling steadily since the last week of April, and that may be reigniting home price appreciation. The median price of a home sold in May rose 3.6% compared with a year.