Home prices continue to rise; CoreLogic reports that December home prices, including distressed sales, rose 6.3% year-over-year compared to December 2014, thanks in part to a 0.8% jump in November. Home ownership continues to be one of the safest investments there is. This map shows the average forecasted home appreciation across the country. Utah’s anticipated 6.1% increase better’s the 5.2% average that’s expected average across the nation.
After a mild selloff yesterday, mortgage pricing rebounded at today’s opening bell and is currently right at the 10-month high. If pricing pushes through the perceived barrier and continues to improve, rates will go even lower. Or they could be thwarted by the ceiling of resistance and be pushed back down, causing interest rates to rise. There are no other economic reports out today, and all eyes are on Friday’s Jobs Report where it is anticipated that 188,000 new jobs will have been created–which will be quite a drop from last month’s 292,000. We’ll talk about what that means as the week progresses.