Chicago, IL (PRWEB) April 15, 2014
The National Association of Home Builders (NAHB) released their Housing Market Index today showing a one point rise in April over March. Peoples Home Equity was pleased to see this increase as it signifies an improving condition of home sales.
The NAHB Home Market Index is considered an important housing market barometer as it’s produced by a survey given to hundreds of home builders. Home builders rank in order or of lowest to highest what their current sales as well as forecasted sales of properties are for the next 6 months. The Housing Market Index has been in existence for 30 years and is recognized seriously among lenders such as Peoples Home Equity. On Tuesday, April 15th, the housing market index announced a reading of 47 which is an improvement from the March reading of 46. The increase signifies that home builders view the home sale environment as improving.
In other news, the U.S. Bureau of Labor Statistics announced a surprise rise in inflation on Tuesday, which is, in part, reflective of rising home prices. Mortgage rates responded to both pieces of news somewhat unchanged. Mortgage News Daily posted their daily rates which showed 15 year fixed, 5/1 ARM, and FHA 30 year fixed rate mortgages as unchanged. Conventional 30 year fixed as well as 30 year Jumbo loans actually declined by 0.01 on Tuesday.
As housing activity continues to pick up Peoples Home Equity expects mortgage rates to follow. The lender encourages prospective mortgage applicants to get approved for a home loan sooner rather than later. The Federal Reserve intends to both, end its asset repurchase program and raise interest rates. Both conditions are leading markets to push mortgage rates higher in reaction to this Fed policy/plan.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: (855)-897-0300