by: Aimee Hartwig Real Estate
Fannie Mae releases their national home price index and it’s showing 20% growth year over year. The 30-year fixed-rate mortgage jumped to a 5% average, the first time since 2011. And, the Mortgage Bankers Association is re-forecasting their purchase origination volume to a record $1.72 trillion, down from its previous forecast of $1.77 trillion. We take a closer look This Week in Real Estate.
“Even though existing sales volume will be slightly lower than last year, the continued growth in new home sales and the rapid rise in home prices should deliver a smaller, but solid, 4% annual growth in purchase origination volume.”Michael Fratantoni, Mortgage Banker’s Association’s chief economist.