Real Estate Market

Infographic: 2012 shaping up as good time to buy

It's buying time again.

(5/1/2012) - A host of factors point to 2012 as a good time to buy a home.

Interest rates are low

The average interest rate on 30-year conforming fixed rate mortgages (FRMs) hit a record low of 3.87 percent on Feb. 27, 2012. The average hasn't been above 4.08 all year, according to Freddie Mac.

The average interest rate for 15-year FRMs fell to an all time Freddie Mac low of 3.11 on April 12, 2012 and hasn't been above 3.30 percent all year.

Home prices are low, but moving up

The Federal Housing Finance Agency reported for the 12 months ending in February, U.S. home prices rose 0.4 percent, the first 12-month increase since the July 2006 — July 2007 interval.

The National Association of Realtors said the nationwide median list price for single-family homes, condos, townhomes and co-ops (SFH/CTHCOPS) was $189,900 in March 2012, a 5.56 percent jump from a year ago.

Rents are high and rising

RealFacts said rents were on the rise in the first quarter this year in every market but three of 47 metropolitan statistical areas it tracks. The national average increased by $16 a month from $994 a month in the fourth quarter 2011 to $1,008 a month in the first quarter 2012.

The National Multi Housing Council said for the first quarter 2012 its four indexes measuring Market Tightness (74), Sales Volume (57), Equity Financing (62) and Debt Financing (65) remained above 50 for the eighth time in the past nine quarters. Any number above 50 indicates quarter-to-quarter growth.

Forecasts say the recovery is on

The Urban Land Institute says over the next three years, home prices will begin to rise, increasing by as much as 3.5 percent in 2014; apartment rents this year will increase by 5 percent; and housing starts will nearly double by 2014.

"The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases," said Lawrence Yun, NAR chief economist.

 

Follow the links to continue reading the related articles

Home sellers lower prices to compete, bidding wars ensue, recovery heats up

Growth in purchase loan originations, closings signal growing strength in housing

Housing's upbeat swing into spring

More renters becoming first time home-buyers, but most 'boomerang' back to parents

Vacation home market heats up with renewed demand

Housing poised to recover, boosts economy, stock market

Bright spots in Beige Book

Should you be buying or renting your home?

 

 

 

 

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state





iPad for Mortgage Rates