Morning Minute: Mortgage rates move lower this week

Freddie Mac reports that fixed mortgage rates moved lower with the 30-year, fixed-rate mortgage averaging 3.65 percent and the 15-year, fixed rate averaging 2.92 percent for the week ending April 23. Read the Freddie Mac news release.

“Mortgage rates fell slightly to 3.65 percent this week, positive news for potential homebuyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.” — Len Kiefer, deputy chief economist for Freddie Mac.

In other headlines:

KCM Blog Infographic: Existing Home Sales Skyrocket

New Home Sales Plunge 11.4% In March, But Rise Nearly 20% Year-Over-Year – Forbes

March Illinois housing data reports available in Spanish

Illinois home sales and median prices saw strong double-digit gains in March. Statewide home sales were up 13.1 percent compared to March 2014 and the median price rose 11.5 percent.

Share that information with Spanish-language housing data from the Illinois Association of REALTORS®.

You’ll find data snapshots for Illinois, the nine-county Chicago metropolitan area and the city of Chicago. Click here to find more March housing data, including a market forecast.

#IARMarketStats

Illinois home prices move closer to pre-recession levels

Illinois median home prices are nearly three-quarters of the way back to pre-recession levels when adjusted for inflation, according to a new forecast analysis from the University of Illinois Regional Economics Applications Laboratory (REAL).

The latest REAL market forecast looked at March 2015 median prices and adjusted them for inflation to get a clearer picture of what is happening with recovering home prices. According to the data, the current median price in Illinois is 79 percent of the 2008 median price when you factor in the rate of inflation. For the nine-county Chicago PMSA region, median prices are 74 percent of pre-recession levels.

“March was an excellent month for the housing market with robust growth in both sales and prices,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.

According to Hewings, it could take 27-48 months for the Illinois market and 20-40 months for the Chicago PMSA market to be classified as fully recovered to pre-recession levels in terms of median prices.

Read the latest REAL forecast  | IAR’s release on improved March housing data

Illinois homeless veterans to get $675K in additional housing and support services

Photo courtesy of Bigstock.com

Homeless veterans in nine Illinois communities will receive more housing and support assistance as a result of actions taken by the U.S. Department of Housing and Urban Development (HUD) and the Department of Veterans Affairs, Sen. Dick Durbin said Monday.

A total of $674,639 in grants and vouchers will be distributed to local housing agencies through HUD’s Veterans Affairs Supportive Housing program, according to Sen. Durbin’s website, www.durbin.senate.gov.

The communities that will receive additional funding include:

  • Aurora,
  • Champaign County,
  • Decatur,
  • McHenry County,
  • Peoria,
  • Rockford,
  • Springfield,
  • Waukegan and
  • Whiteside County.

Read the article and if you live in one of these municipalities, you’ll be able to direct veterans and their families to the right agency.