Fed announces rate hike decision

The Federal Reserve’s governing board has released its decision on interest rates while acknowledging that inflation is closing in on its target without indicating any intention to veer from their gradual path of interest-rate increases.

“Inflation on a 12-month basis is expected to run near the committee’s symmetric 2 percent objective over the medium term,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. “The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.”

Source: Fed announces rate hike decision

Home prices up again as the West leads

Cities in the West, led by Seattle, Las Vegas, and San Francisco, drove a further increase in home prices in February according to a leading index. The S&P CoreLogic Case Shiller NSA Index, which covers all 9 census areas, was up 6.3% year-over-year from 6.1% in January. There was a 6.5% rise for the 10-City Composite (up from 6% in January) and a 6.8% rise in the 20-City Composite (from 6.4%).

Source: Home prices up again as the West leads

Credit scores should include rental history says Urban Institute

A new study suggests that a change in the information used for credit scores could enable millions of potential homebuyers to qualify for a mortgage. The Urban Institute says that while credit bureaus pick up missed rent payments, they do not generally record those that are made on time. But these payments are typically most consumers largest monthly expense, providing a good indication of their ability to meet a monthly financial commitment.

Source: Credit scores should include rental history says Urban Institute

Homeownership gains momentum in Q4’17

The rate of homeownership rose in the fourth quarter, signaling upward momentum after staying near 50-year lows in recent years. The homeownership rate was 64.2% during the quarter, up from the 63.7% rate in the fourth quarter of 2016 and an increase from the 63.9% rate in the third quarter of 2017, according to statistics released by the US Census Bureau.

Source: Homeownership gains momentum in Q4’17

Even if rates doubled prices would keep rising says FirstAM

Potential homebuyers who are hoping rising mortgage rates may slow the fast-rise of home prices may be disappointed.That’s according to the latest analysis from First American Financial which says that even in the unlikely event that rates for a 30-year FRM doubled to near 9%, there would still be a sizeable increase in prices.

Source: Even if rates doubled prices would keep rising says FirstAM