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.