Mortgage markets improved last week as a weakening Eurozone and questions about the U.S. economy sparked a global flight-to-quality. Conforming and FHA mortgage rates improved for the second week in a row.
The National Association of Home Builders reports a Q2 2011 Home Opportunity Index reading of 72.6. Nearly 3 of 4 homes sold last quarter were affordable to households earning the national median income of $64,200.
Mortgage guidelines appear to be tightening with the nation’s largest banks.
The U.S. economy is no longer adding new jobs.
Mortgage markets improved last week on a weak jobs report, expectation for new market stimulus, growing evidence of a global economic slowdown. Rates were especially volatile, too, with the long Labor Day Weekend looming.
The June 2011 Case-Shiller Index reading posted strong numbers across the board, with each of the index’s 20 tracked markets showing home price improvement from May.