Mid Term Election

Today is the mid-term election here in the United States of America.  So go vote, wisely. Speaking of living the American dream, CoreLogic reports home prices, including distressed sales, rose by 5.6% year-over-year in September.  That’s the slowest year-over-year appreciation rate since August 2012.  Last month’s reading is 0.28% less than August and well below the 11.8% recorded half a year ago in February.  Looking forward, CoreLogic expects a 5% rise from September 2014 to September 2015.  Don’t panic, historically speaking, a five percent appreciation rate is a nice healthy average. Oil prices have dropped significantly over the last two days, leaving a barrel of sweet crude at only $77 a barrel.  I think that I’ll fill up the car with gas on the way to the polls this afternoon. Thirty year FHA loans are at 3.25% while Conventional 30 years hangs at 4.0%. Fifteen year rates are still at 3.0% (APR will generally be higher, depending on the loan and down payment amounts, and amortization term–as closing costs and the presence of mortgage insurance affect each loan differently.)