While there may be numerous benefits associated with the purchase of your second home, you may be concerned about how affordable it will be for you to manage the additional expense of a second mortgage payment.
What’s Ahead For Mortgage Rates This Week – March 2, 2015
Last week provided several housing-related reports including New Home Sales, Pending Home Sales and Existing Home Sales reports. Case-Shiller and FHFA also released data on home prices.
FHFA House Price Index Rises for 14th Consecutive Quarter
According to the Federal Housing Finance Agency (FHFA), U.S. home prices rose by 1.40 percent for the fourth quarter of 2014 and were up by 0.80 percent month-to-month from November. The seasonally adjusted FHFA House Price Index measures purchase transactions for homes connected with mortgages owned by Fannie Mae and Freddie Mac.
3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage Faster
If your personal budget is similar to many other people’s budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early.
Case-Shiller: Rising Home Prices Boost Inflation
December home prices rose by 0.10 percent according to the Case-Shiller 20-City Home Price Index. The composite report tracks home prices in 20 U.S. cities. December’s results boosted home prices by 4.50 percent year-over-year, which is approximately double the inflation rate for 2014.
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