Housing Policy & Data - The average rate on the 30-year fixed-rate mortgage dropped to a record low of 3.84 percent, down from 3.88% last week. Rates on the 15-year fixed-rate mortgage dropped to 3.07 percent from 3.12 percent last week.
A report released by home-listings company Trulia said that strengthening asking prices for homes point to higher sales prices as early as June, which would be a welcome turn for the housing market. Asking prices nationally were 0.5% higher in April than in March and similarly rose 1.9% over the quarter. In fact, asking prices increased year-over-year in 44 out of the 100 largest metropolitan areas.
Among renters who plan to purchase a home in the future, 60 percent have increased their intent to do so compared to 12 months ago, according to the recent PulteGroup Home Index survey. Among this same group, 61 percent stated they intend to purchase a home within the next two years. The survey showed that there are still obstacles that prevent renters from purchasing homes, such as high down payments and the belief that renting is cheaper than buying a home.
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