New Home Sales Jump
Home Sales & Sales Prices
According to the Commerce Department, new-home sales jumped 2.1% in May – the highest level since July 2008.
In other news, the Standard & Poor’s Case-Shiller index showed that existing-home prices in 20 U.S. metropolitan areas were 12.1% higher in April than a year earlier. Home prices posted their largest monthly gain since the Case-Shiller data began, rising 2.5% in April from March in the 20-city index. On a seasonally adjusted-basis, the 20-city index rose at a 1.7% monthly rate.
Last week, the National Association of Realtors said sales of previously owned homes rose 4.2% to $5.2 million in May, their highest level since 2009, while median prices surged 15% on the year.
Rising Mortgage Rates
Mortgage rates have jumped in recent weeks. Rates are expected to rise further now that the Fed has signaled it plans to scale back its bond purchases this year if the economy continues to strengthen. A pullback in the bond purchases would likely send long-term borrowing rates up.
If you are considering a home purchase or refinance, contact a licensed Inlanta Mortgage loan officer to discuss your options. Use our branch locator to find a branch office near you, or apply online now.
About Inlanta Mortgage
Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012.