Home Prices are increasing, it's official

By
Mortgage and Lending with CNN Mortgage

According to information released by the Federal Housing Finance Agency, the house price index of single family homes sold to Fannie Mae and Freddie Mac increased 0.9 percent during the month of May. This is the third monthly increase this year.

Also this week, First American Core Logic released a Home Price Index showing single-family home price increase of 0.8 percent in May over April.

The Fed is keeping rates low, and this week purchased $21.1 billion in agency Mortgage Backed Securities.

Interest Rates

Conforming Conventional 30Yr Fixed 5.5%

Conforming Conventional 15Yr Fixed 4.75%

Conforming Conventional 5/1 IO ARM 4.25%

FHA 30Yr Fixed 5.5%

* Above Conventional rate quotes are as of 7/23/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score. APR includes $1,200 in lender fees and 980 in title charges (title charges may vary). FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required. No origination or discount points.

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