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Home prices continued their slump as data stemming from the Case-Shiller home price index revealed that the average home price in November dropped 1 percent compared to numbers just one month earlier. The one month change for home prices is negative 1.6%. The positive news is that existing home sales have been on the rise lately and long term interest rates continue to trend at historic low levels. Buyers that are sitting on the fence right now are observing two variables that make buying conditions more favorable. Prices are trending low as are long term interest rates right now. According to Bankrate numbers, the Benchmark 30 year fixed rate mortgage for this week rose 1 basis point to 4.95 percent. The benchmark 15 year fixed interest rate mortgage for this week was unchanged at 4.29 percent. According to Freddie Mac, Rates on the 30 year fixed are at 4.74% and rates on the 15 year fixed mortgage are at 4.05%. Trend lines, as they relate to existing home sales, are moving in a positive direction and have been for several months. This data paired with the lower rates and home prices reveals that the sector is beginning to rebound ever so slightly. More people are reviewing the current numbers in the current economic environment and pushing forward with home loans. Fence sitters are moving as conditions are favorable. Author: Stephen Johnson
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