Mortgage Industry Highlights – May 2017
May was another busy month for the mortgage industry. Here are some recent articles, highlights, and homeowner tips:
U.S. pending home sales fall; housing market recovery intact
Contracts to buy previously owned U.S. homes fell for a second straight month in April amid a supply squeeze. However, the housing market recovery remains supported by a strong job market.
Key takeaway: high buyer demand for homes has reduced the available homes for sale, while helping raise home prices.
Housing Affordability Ticked up in First Quarter
Rising wages helped to boost housing affordability in the first quarter of 2017, even as interest rates rose, according to new data released by the National Association of Home Builders.
Key takeaway: salaries are improving along with the strengthening economy, which is helping make homes more affordable.
Fed’s Williams bullish on U.S. economy, sees three rate hikes this year
San Francisco Federal Reserve Bank President John C. Williams predicts a total of three interest rate increases for 2017, but views four rate hikes as appropriate if the U.S. economy gets an unexpected boost.
Key takeaway: keep a close eye on interest rates and the Federal Reserve if you’re considering buying a home.
What to consider before taking out a reverse mortgage
University of Alabama Birmingham business professor Sally Yates says that because reverse mortgage lenders are more tightly regulated than in the past, there may be times a reverse mortgage could be beneficial.
Key takeaway: reverse mortgages are continuing to receive positive press from the academic world. This is a dramatic shift from a decade ago.
Solar power is getting cheaper; here are some smart options for your home
Solar power prices are estimated to have dropped around 60% in the last decade. This article provides some practical options for incorporating solar power into your home.
Key takeaway: solar power is no longer a fringe industry, and many companies have created innovative and cost-effective ways to add it to your home.
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