Kansas City Home Sales Price to List Price Ratio

Economy Continues to Push Housing Higher, Despite Lackluster Consumer Confidence

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With more Americans reporting lower income prospects, Fannie Mae’s Home Purchase Sentiment Index™ (HPSI) decreased 2.4 points to 80.8 in November. The challenge of housing affordability coupled with tight supply may be preventing overall housing sentiment from gaining momentum as income growth isn’t keeping pace with the cost of housing.   Consumers’ net attitudes about the direction of their household income relative to a year ago fell 5 points during the month, setting this HPSI …

What is the difference between a pre qualification and mortgage pre approval

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When you are buying a home financing can seem complicated. In Kansas City real estate purchase offers must include a pre-approval letter. In some parts of the country sellers require the real estate agent to have a pre-approval letter on file before the agent is allowed to show a property. The first option is a mortgage pre-qualification which helps you to understand how much home you can afford. The second is a mortgage pre-approval letter …

Sales of New Single-Family Homes Increase

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Sales of new single-family houses in August 2015 were at a seasonally adjusted annual rate of 552,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the Census Bureau. This is 5.7 percent (±16.2 percent) above the revised July rate of 522,000 and is 21.6 percent (±18.7 percent) above the August 2014 estimate of 454,000. The median sales price of new houses sold in August 2015 was …

Following Fed Decision, Mortgage Rates Move Lower

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Average fixed mortgage rates declined following the Federal Reserve’s decision to defer a hike in the Federal funds rate, says Freddie Mac’s Primary Mortgage Market Survey®. The 30-year fixed-rate mortgage (FRM) averaged 3.86 percent with an average 0.7 point for the week ending September 24, 2015, down from the last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 4.20 percent. "Global growth concerns and lackluster inflation convinced …

Fixed Mortgage Rates Increase for First Time in Four Weeks

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Average fixed mortgage rates reversed course, nudging higher for the first time in four weeks, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). "The jobs report for July showed that the economy added 215,000 jobs, in line with expectations,” says Sean Becketti, chief economist, Freddie Mac. “Wage growth remains modest at 2.1 percent compared to the same time last year, and another solid if not stellar employment report leaves a potential Fed …

Applications for Home Purchases Show 4 Percent Dip

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The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for July 2015 shows mortgage applications for new home purchases decreased by 4 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. "Mortgage applications to home builder subsidiaries for new homes declined at a rate in line with the slowdown observed in the overall purchase mortgage market," said Lynn Fisher, MBA’s Vice President of Research and Economics. …

Q: Are There Such Things as No-Cost and No-Fee Loans?

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A: You see promotions for them all the time.  But banking regulators have gone after lenders who misrepresent these loans.  The reality is that no-cost and no-fee loans may actually cost the borrower more over the long term because costs are often hidden by rolling them into the new loan through higher principal or interest. The rates on no-cost loans are usually about 1/2 or 5/8 of a percentage point higher than the "full cost" …

Q: Which Is Better, a 15-Year or 30-Year Loan?

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A: The 15-year mortgage offers you a chance to save thousands of dollars over the life of the loan. This is because the interest rate is typically lower and amortization is half that of the 30-year loan, which means that the total interest paid on the 15-year note, as compared to a 30-year note, is significantly less because of the shorter borrowing period. Put another way, a 15-year loan accrues principal much more quickly than …