Bond Cliff

Main Menu

  • Home
  • Economic integration
  • Price index
  • Covariance
  • Labor augmenting
  • Fund

Bond Cliff

Header Banner

Bond Cliff

  • Home
  • Economic integration
  • Price index
  • Covariance
  • Labor augmenting
  • Fund
Price index
Home›Price index›Here’s how much house prices rose in the second quarter

Here’s how much house prices rose in the second quarter

By Susan Weiner
August 3, 2022
0
0

Home prices jumped in the second quarter, approaching a record high, according to Fannie Mae. (iStock)

House prices jumped in the second quarter of this year, nearly reaching the highest growth rate on record, according to the Fannie Mae House Price Index (HPI).

Single-family home prices rose 19.4% annually in the second quarter of 2022, down slightly from the upwardly revised annual growth of 20.5% in the first quarter, according to the index. On a quarterly basis, house prices rose 4.3% from the first to the second quarter.

“Home prices maintained a near historic pace of appreciation in the second quarter as low levels of home inventory continued to support price growth,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. , in a press release. “Late 2021 and into 2022, we believe many buyers have advanced their buying plans to avoid expected increases in mortgage rates, contributing to housing demand and strong price appreciation.”

If you want to take advantage of rising home prices, consider taking out cash refinancing to pay off debt or fund home improvement projects. Visit Credible to find your personalized interest rate without affecting your credit score.

THE PRICE OF THE HOUSE COOLS DOWN IN MAY, BUT REMAINS HISTORICALLY HIGH

House price growth may slow in the coming year

Although house prices are currently increasing, this growth may soon slow down. In fact, CoreLogic’s latest report showed that while house price gains remained historically strong in May, they could slow rapidly in the year ahead. CoreLogic predicts that house price growth will slow to just 5% per year by May 2023.

“Given the sharp rise in mortgage rates since then and the resulting negative impact on affordability for potential buyers, we expect purchase demand to decline over the coming quarters and the “housing price appreciation is moderating as a result,” Duncan said.

Mortgage rates have almost doubled since last year, when they were below 3%. In June, mortgage rates jumped to 6% and have since fallen, but remain significantly higher than a year ago, according to data from Freddie Mac.

If you want to take advantage of your home’s rising value before interest rates rise further, consider taking out a cash refinance. Visit Credible to compare multiple mortgage lenders at once and choose the one that has the best mortgage rate for you.

HOME PRICE GAINS SLOW, BUT ONLY SLIGHTLY: CASE-SHILLER REPORT

How homeowners can tap into the equity in their home

As home values ​​rise, homeowners can profit by taking money out of their home to pay off debts or for home improvement projects. Although mortgage rates are up from last year, they are still significantly lower than interest rates on a personal loan. In the middle of the 5% range, mortgage rates are about half the average rate for a three-year personal loan.

If you’re interested in getting cash out of your home, consider using a cash refinance. Visit Credible to get pre-approved in minutes and compare your options.

Another option for homeowners is a home equity line of credit (HELOC), which allows borrowers to take out a loan based on the equity in their home. Unlike a cash refinance, a HELOC does not affect the interest rate on the entire loan and establishes a new second loan with its own interest rate. This could be a good option for homeowners who have already gotten a low interest rate on their mortgage and don’t want to refinance it.

If you’re considering your home equity options, contact Credible to speak with a home loan expert and get your questions answered.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Related posts:

  1. Uranium Week: Uranium Value Rise Forecast
  2. Profitable mortgage ‘thaw’ and booming costs eased stress on banks and debtors
  3. Westpac says dairy business is in ‘candy spot’ anticipated to proceed
  4. As lumber costs skyrocket, OSU professor develops option to predict value modifications

Categories

  • Covariance
  • Economic integration
  • Fund
  • Labor augmenting
  • Price index
  • TERMS AND CONDITIONS
  • Privacy Policy