Here are the top stories from the past week:
Bigger mortgages are getting easier
The upper limits for conforming loans, loans that “fit the box” and typically receive the best terms, are increasing for the second straight year. The new limit for single family properties in 2018 will be $453,100, an increase from the $424,100 limit in 2017.
Home prices continue to escalate
Home prices rose at the fastest pace in 3 years in September according to S&P CoreLogic Case-Shiller Indices. Seattle led the pack increasing nearly 13% year over year. Price gains are putting increasing pressure on housing-affordability levels, making mortgage shopping more important.
Skyrocketing rents make mortgages more attractive
Renters in today’s market are paying nearly $2,000 more annually. As a percentage of income, rents have increased from 25.8% to 29.1% in recent years. Meanwhile, homeowners have seen the opposite.
Pending home sales rebound after 3 months of decline
3 of the 4 regions in the US kicked the trend of decreasing home sales since June, although still below the levels from 2016 at the same time.
