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Mortgages loans for new purchases and refinancings dropped sharply last week as mortgage interest rates climbed.
Home price increases rose 2% year over year in July, slightly slower than the 2.1% increase posted in June, according to the latest S&P CoreLogic Case-Shiller national home price index.
August sales of existing homes rose by 1.3% month over month and by 2.6% year over year as low mortgage interest rates lured more buyers into the market.
New home construction rose by nearly 8% month over month in August and by 12% year over year.
Mortgage loan rates rose last week as demand for U.S. Treasury notes slipped and yields rose. Applications for new mortgages were flat and refinancings also dipped week over week.
Experts had expected home builder sentiment to drop rather than rise in September. It is easy to assume that low interest rates are helping builders be more confident, but some concerns were noted.
Is a residential building in New York City 95 stories tall, or is it 86 stories? Some are not as tall as the builders say they are.
Across the country, rapid home-price growth and low inventories of affordable housing have been making it harder for prospective homebuyers, especially millennials.
Adjusted to account for the Labor Day holiday, mortgage applications increased by 2% last week. Loan rates were flat for the week, but have taken a turn higher so far this week.
The 2017 tax reform bill dramatically increased the number of Americans who claim the deduction for mortgage interest.
Applications for new mortgage loans dipped last week even though mortgage loan rates remained at 21-month lows.
U.S. home price rose by more than 3% in July compared to prices in July of last year. CoreLogic is forecasting even higher price hikes by July of next year.
New home sales fell sharply in July, largely as a result of a substantial revision to the June sales total.
Sales of existing homes in July rose by 2.5% compared to June sales. Overall sales, though, were up less than 1% compared to July of 2018.
Mortgage loan rate changes were mixed last week and applications for new mortgages remained flat. Refinancings have reached their highest level in nearly three years.