Nationally, prices of U.S. single-family homes, including distressed sales, saw a 5.9 percent year-over-year increase on average in May, with 21 states seeing new highs.
The 30-year fixed-rate mortgage is now only 17 basis points above its November 2012 all-time record low of 3.31 percent.
Now, the prospect of more turbulence and a flight to safety among global investors to U.S. treasuries could spell another dip into historic territory for the 30-year fixed mortgage.
The 30-year fixed-rate mortgage this past week averaged 3.54 percent, its lowest point since it reached 3.51 percent in the week of May 16, 2013, according to Freddie Mac’s weekly updates.
About 51 percent of mortgages originating in the first quarter went to those with Equifax Risk Scores of 760 or higher (the scale goes from 280 to 850).
These groups of potential buyers are finding it challenging to afford a home with surging prices and tight inventories.
The housing market has pushed forward at a faster clip, with new home sales hit their highest mark since 2008 in April.
“The share of credit scores below 700 for applications has declined and has been offset by a greater share of credit scores above 740,” CoreLogic concludes.
In the past year, market rents have climbed at a faster rate in Los Angeles, Phoenix and Dallas than in any other major cities examined.
The median gross profit per flipped property is $56,000 — that’s about 17 percent higher than its peak value of $48,000 in the third quarter of 2005.