Economic and Housing Research
Fixed mortgage rates crept up further this week following a solid employment report for May. The economy added 175,000 new jobs and the number of discouraged workers fell by 780,000 to the fewest since September 2009. And although the unemployment rate ticked up to 7.6 percent, it was due to a 420,000 increase in the size of the labor force; the underemployment rate fell from 13.9 to 13.8 percent in May.
With the ongoing run up in fixed mortgage rates, adjustable-rate mortgages (ARMs) are becoming more popular among homeowners looking to refinance and for home purchasers. The 30-year fixed mortgage rate this week is 0.6 percentage points above the recent low set over the week ending May 2nd. In comparison, the share of conventional mortgage applications for ARMs rose from 13 percent of dollar volume at the beginning of May to 17 percent last week, according to the Mortgage Bankers Association. >> Next Commentary: June 20
Freddie Mac House Price Index (FMHPISM)
Freddie Mac publishes its monthly house price index values each quarter for the nation as a whole, for each of the 50 states and the District of Columbia, and 367 metropolitan statistical areas (MSAs).
U.S. National House Prices Up 7 Percent
Strongest First Quarter Growth Since 2005
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