Mortgage Update

Weekly Mortgage News

CoreLogic issued their Home Price Index Report for June. In Kansas and Missouri, home prices rose between 3-5%, including distressed sales. Take those out and prices improved 5-8%, compared to last year (8.0% growth in KS, 5.2% in MO)

Also making news last week were several Fed board members speaking in-favor of “tapering” bond purchases (QE3,) which have helped keep interest rates low for an extended period.

Bottom Line for Mortgages

With our economy growing below 2% annually, the Fed’s decision to “taper” bond buying – which would likely accelerate rising mortgage rates – will hinge on economic reports between now and September. 

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