U.S. Home Prices Declinded 1.1% Over Last Four Quarters – Freddie Mac

Freddie Mac announced today that its Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series for the United States registered a 1.1 percent decline from the first quarter of 2009 to the first quarter of 2010. In the first quarter of 2010, the U.S. Index was down 2.1 percent (-8.0 percent annualized) relative to the fourth quarter, on a not-seasonally adjusted basis.

“Home-value declines and continued low mortgage rates have kept home-buyer affordability relatively high.  Mortgage rates on 30-year fixed-rate loans averaged 5.0 percent in Freddie Mac's Primary Mortgage Market Survey® over the first quarter,” said Frank Nothaft, Freddie Mac vice president and chief economist.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Better.com
Better.com
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.000
4.000
USD
Better.com Logo
NMLS # 330511
State Lic # ML-330511
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: None
Thank you for your quote. 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.029
4.000
USD
TD Bank, NA
4.029%
5/14/2019
4.000%
at 0.000 pts
45 day lock rate
Est payment: $1,432.25
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.030
4.000
USD
LincolnWay Community Bank
4.030%
5/14/2019
4.000%
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.030
4.000
USD
The Washington Trust Company
4.030%
5/14/2019
4.000%
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.306
4.250
USD
Santander Bank, N.A.
4.306%
5/10/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.101
4.000
USD
Bank of America
4.101%
5/13/2019
4.000%
at 0.758 pts
60 day lock rate
Est payment: $1,432.25
Fees in APR: $1,351
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.024
4.000
USD
United Bank
4.024%
5/15/2019
4.000%
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $865
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.405
4.375
USD
Citizens Bank, NA
4.405%
5/17/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,056
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank
4.169%
5/17/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.166
4.125
USD
The Guilford Savings Bank
4.166%
5/17/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $719
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.272
4.250
USD
Savings Bank of Danbury
4.272%
5/17/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.282
4.250
USD
First National Bank of Omaha
4.282%
5/17/2019
4.250%
at 0.125 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank
4.399%
5/17/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings
4.536%
5/17/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $501
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






“House price measures tend to show a lot of seasonality, with values lower during the slow home-selling months of autumn and winter and higher during the greater-activity months of spring and summer.  Examining year-over-year home-value changes largely controls for seasonality. Compared with the first quarter of 2009, the national index dipped slightly – down 1.1 percent – with three-of-nine regions posting price gains. Houses in the Pacific region were up 4.5 percent over the past year, and in the Middle Atlantic and West South Central states prices were up about one percentage point, on average.  While values were up the most in the Pacific region over the past year, this gain occurred after values had fallen more than 30 percent over the two prior years, from the beginning of 2007 to the beginning of 2009.”

The CMHPI Purchase-Only Series includes only property values based on home purchases with a conventional mortgage in its calculation. Freddie Mac also produces a CMHPI Classic Series that includes data from both home purchase transactions and mortgage refinancings, with the latter values based on appraisals. Generally, because appraisals are backwards looking through the use of recent comparable property transactions, the Classic Series will typically lag changes in the Purchase-Only series. The CMHPI Classic Series indicated that average U.S. home values fell 1.5 percent (-6.0 percent annualized) during the first quarter.  Comparing the first quarter of 2010 with the first quarter of 2009, the Classic Series shows 6.7 percent depreciation.

The CMHPI Purchase-Only Series had the following regional house-price changes:

Middle Atlantic Division (NJ, NY, PA):  decreased 0.4 percent (-1.7 percent, annualized) in the first quarter of 2010.  Over the last 12 months, home values increased 1.0 percent, and during the last five years, home values increased 10.1 percent.

West South Central Division (AR, LA, OK, TX): fell 0.9 percent (-3.5 percent, annualized) in the first quarter of 2010.  Over the last 12 months, home values were increased 0.7 percent, and during the last five years, home values increased 16.6 percent.

New England Division (CT, MA, ME, NH, RI, VT): declined 1.1 percent (-4.5 percent, annualized) in the first quarter of 2010.  Over the last 12 months, home values decreased 1.7 percent, and during the last five years, home values declined 6.5 percent.

Pacific Division (AK, CA, HI, OR, WA):  decreased 2.0 percent (-7.8 percent, annualized) in the first quarter of 2010.  Over the last 12 months, home values increased 4.5 percent, and during the last five years, home values have decreased 13.2 percent.

South Atlantic Division (DC, DE, FL, GA, MD, NC, SC, VA, WV):  fell 2.3 percent (-8.8 percent, annualized) in the first quarter of 2010.  Over the last 12 months, home values decreased 4.0 percent, and during the last five years, home values fell 5.2 percent.

Mountain Division (AZ, CO, ID, MT, NM, NV, UT, WY):  decreased 2.8 percent (-10.8 percent, annualized) in the first quarter of 2010.  In the last 12 months, home values decreased 6.1 percent; during the last five years, home values declined 4.4 percent.

East North Central Division (IL, IN, MI, OH, WI):  decreased 2.9 percent (-11.2 percent, annualized) in the first quarter of 2010.  Over the last 12 months, home values decreased 3.4 percent, and during the last five years, home values decreased 8.9 percent.

East South Central Division (AL, KY, MS, TN):  decreased 3.1 percent (-11.9 percent, annualized) in the first quarter of 2010.  Over the last 12 months, home values decreased 1.8 percent, and during the last five years, home values increased 8.7 percent.

West North Central Division (IA, KS, MN, MO, ND, NE, SD):  decreased 3.2 percent (-12.1, annualized) in the first quarter of 2010.  Over the last 12 months, home values fell 1.3 percent; over the last five years, home values decreased 0.2 percent.

Unlike other home price indexes based on mean or median values of homes sold during a given period, the CMHPI is constructed using regression techniques from observations of actual sales prices or appraised values of the same homes over time.  The street addresses of properties that serve as collateral for mortgages are processed using software certified by the United States Postal Service to create a uniform address format and are then matched to identify consecutive transactions on the same property.  There are currently 42 million records in the repeat-transactions database used to construct the classic Conventional Mortgage Home Price Index – this database includes transactions on one-family detached and townhome properties serving as collateral on loans originated through the first quarter of 2010 and purchased by Freddie Mac or Fannie Mae by April 30, 2010.

Freddie Mac publishes the CMHPI each quarter.  Index values and growth rates for the classic series are available for the nation as a whole as well as for the nine Census divisions, the 50 states and the District of Columbia, and 392 metropolitan statistical areas (MSAs) and metropolitan divisions; index values and growth rates for the purchase-only series are available for the nation and nine Census divisions.  All of the CMHPI series can be found on Freddie Mac’s web site, www.freddiemac.com/finance/cmhpi/

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
 
 
Author: Brian McKay
May 26th, 2010
Posted in: Mortgage Rates