House prices across the US rose by approximately 0.9% during the month of July, with 17 of the 20 major cities tracked showing gains from the previous month, according to the latest market data. On an annual basis, the vast majority of average prices remain down from the previous year, though even the smallest of rises is likely to be heralded as an incredibly important step in the right direction.
Needless to say however, the housing market still has a long way to go yet before it is out of the woods. While the latest data shows the fourth increase in home values for consecutive months, this is not enough to display or indicate sustained recovery for the market as a whole.
While average mortgage rates are still around all time record low levels across the US, today’s advertised rates in several categories have seen slight rises from the lows of last week. 30 year fixed mortgage terms are now resting at 4.05%, while 15 year terms are at an average of 3.33%.
Refinance rates are today at an average of 4.15% for the 30 year fixed terms.
The increase in home prices may be exactly what many have been waiting for, but is unlikely to offer any help to those already unwilling to enter into new debt in the face of such economic uncertainty. Even with the lowest mortgage rates in history and crashing home values, American citizens were not persuaded to invest in new purchases at a rate rapid enough to quell one of the worst years in the history of the housing market.