U.S. Home Prices Jump to Highest Level in 7 years - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Tuesday, May 28, 2013

U.S. Home Prices Jump to Highest Level in 7 years

The Case-Shiller Home Price Index has risen 10.9% annually, the largest gain in seven years. The most recent data released was for the month of March, and showed a 1.1% gain. While this information is somewhat dated, it is strong confirmation of the upward trend we are seeing in the housing market.

The chart below illustrates the volatility the Case-Shiller Index has seen over the past 5 years and the current upward trend we are seeing:

Home prices are still down 28% from their peak in 2006. Last year at this time they were down 35%. The last time we saw home prices at this level was 10 years ago in 2003.

If inventory remains tight and demand continues to rise, current homeowners could see some relief as prices continue to rise. This would be much needed after years of painful declines and losses.

Low mortgage rates in Illinois, Indiana, Michigan, Minnesota and Wisconsin continue to help fuel the housing recovery in the Midwest.


Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of May 28, 2013 3.750%/3.789 APR
IL 15 Year Fixed mortgage as of May 28, 2013 2.990%/3.059 APR

Please click this link for APR assumptions and more IL mortgage rates


Indiana Mortgage Rates
IN 30 Year Fixed mortgage as of May 28, 2013 3.750%/3.789 APR
IN 15 Year Fixed mortgage as of May 28, 2013 2.990%/3.059 APR

Please click this link for APR assumptions and more IL mortgage rates


Michigan Mortgage Rates
MI 30 Year Fixed mortgage as of May 28, 2013 3.750%/3.789 APR
MI 15 Year Fixed mortgage as of May 28, 2013 2.990%/3.059 APR

Please click this link for APR assumptions and more MI mortgage rates

Minnesota Mortgage Rates
MN 30 Year Fixed mortgage as of May 28, 2013 3.750%/3.789 APR
MN 15 Year Fixed mortgage as of May 28, 2013 2.990%/3.059 APR

Please click this link for APR assumptions and more MN mortgage rates

Wisconsin Mortgage Rates
WI 30 Year Fixed mortgage as of May 28, 2013 3.750%/3.789 APR
WI 15 Year Fixed mortgage as of May 28, 2013 2.990%/3.059 APR

Please click this link for APR assumptions and more WI mortgage rates


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