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Mark Hemingway

Mortgage Market Update for April 10th

Monday, April 10, 2017 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Fannie Mae released its Home Purchase Sentiment Index late last week revealing that housing confidence dipped in March following February's survey high. The survey showed that five of the six components that make up the index were down. The net share of Americans who reported that now is a good time to purchase a home fell by 10 percentage points, while those who feel that now is a good time to sell rose by 9 percentage points. Americans also expressed reduced confidence about the stability of their jobs, while the survey showed that only a small amount of people feel that mortgage rates will decline.

A recent study done by GOBANKINGRATES a personal finance website, revealed that as home prices increase across the U.S., higher salaries are needed to live comfortably in many cities. The survey shows that the most and least expensive markets, and because rent makes up the largest piece of expenses, data from Trulia showed that median prices for each metro as well as the median income earned. The most expensive market is San Francisco at $110,357, while the least expensive is El Pa so,Texas at $40,393.

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