Home prices rose in the vast majority of metropolitan statistical areas (MSAs) in the first quarter (Q1) of 2013, the National Association of Realtors (NAR) said in a recent report.

According to the NAR, year-over-year home price gains were seen in Q1 in 133 of 150 MSAs analyzed. One year ago, in Q1 2012, year-over-year home price gains occurred in 74 of 150 MSAs. The expectation, the report noted, is for continued modest growth in the near future.

“If home builders can continue to ramp up production, then home price growth is expected to moderate in 2014,” Lawrence Yun, NAR chief economist, said in a statement.

All regions experience increases

All four major U.S. regions experienced year-over-year home price increases in Q1.

The West saw the largest year-over-year rise in home prices in Q1 with a 24.4 percent increase up to a median single-family home price of $247,800.

Single-family home prices rose 9.3 percent yearly in the South in Q1 – up to a median price of $156,800, while the median home price in the Midwest rose 8.2 percent from Q1 2012 to Q1 2013 to $135,100.

Additionally, the median home price in the Northeast rose 2.9 percent yearly to $234,000 in Q1.

“Some of the previously hard-hit markets like Phoenix, Sacramento and Miami continue to experience a dramatic turnaround, while a new set of areas like Atlanta, Minneapolis and Seattle have begun to show strong signs of upward momentum,” Yun said.

Despite rising home prices across the U.S., the market is not completely tilted in favor of sellers, the report noted.

“Even with rising home prices, there is still plenty of buying power in the market,” Gary Thomas, NAR President, said in a statement. “Historically low mortgage interest rates and home prices that remain well below their peak mean most buyers can purchase well within their means, assuming they meet ongoing stringent credit standards.”

Mortgage rates jumped sharply on a weekly basis as mortgage activity slowed, the Mortgage Bankers Association (MBA) said in its weekly mortgage report.

According to the MBA, average interest rates increased for nearly all mortgage types in this latest weekly data.

Average rates for 30-year fixed mortgages – those with conforming loan balances $417,500 or less – rose to 3.90 percent from 3.78 percent the previous week. This is the highest average rate for conforming 30-year fixed mortgages in a year – since May 2012,

Shorter-term 15-year fixed mortgages rose to the highest average rate since August 2012, increasing week-over-week from 2.96 percent to 3.10 percent.

Other types of fixed mortgages also saw rate increases week over week. FHA-backed 30-year fixed mortgages saw rates rise from 3.53 percent to 3.62 percent on a weekly basis and jumbo 30-year fixed mortgages – those with loan balances greater than $417,500 – rose from 3.93 percent to 4.07 percent in the same time frame.

Meanwhile average rates for 5-year ARMs stayed even week-over-week at 2.60 percent.

Refinance activity at lowest point of year

Mortgage activity overall decreased 8.8 percent from the week before, the MBA said. Activity is measured by mortgage application volume.

Mortgage refinancing activity in particular saw a big drop, falling 12 percent week over week.

“Refinance applications fell for the third straight week bringing the refinance index to its lowest level since December 2012 as mortgage rates increased to their highest level in a year,” Mike Fratantoni, MBA’s Vice President of Research and Economics, said in a statement.

The percentage of overall mortgage activity associated with refinancing fell to 71 percent of total applications, down from 74 percent the previous week.

“Rates rose in response to stronger economic data and an increasing chance that the Fed may soon begin to taper their asset purchases,” Fratantoni said.

Fixed mortgage rates continued to climb higher, seeing a huge weekly spike, and now sit higher than at this point a year earlier, Freddie Mac revealed in its weekly mortgage report.

According to Freddie Mac’s Primary Mortgage Market Survey for the week ending May 30, 2013, average mortgage rates for both 30-year and 15-year fixed loans are higher than at this time one year ago.

Both fixed-rate mortgages and adjustable-rate mortgages (ARMs) experienced average rate increases on a weekly basis, although the jump for fixed-rate mortgages was much more pronounced than the increase seen with ARMs.

Average rates for 30-year fixed mortgage rose sharply on a weekly basis, jumping from 3.59 percent to 3.81 percent. Shorter-term 15-year fixed-rate mortgages saw an even steeper weekly rise – from 2.77 percent to 2.98 percent.

One year ago at this time, 30-year fixed mortgages averaged 3.75 percent and 15-year fixed mortgages averaged 2.97 percent.

“Fixed mortgage rates followed long-term government bond yields higher following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “Improving economic data may have encouraged those views.”

Nothaft mentioned improving consumer confidence and rising home prices as examples of “improving economic data” that is perhaps pushing interest rates higher.

ARM rates mixed

Average interest rates for adjustable-rate mortgages (ARMs) showed mixed results in this weekly data, Freddie Mac said.

Rates for 5-year ARMs increased to 2.66 percent from 2.63 percent the previous week, while 1-year ARMs ticked down to 2.54 percent after averaging 2.55 percent the previous week.

ARM rates remain below what they were at this point one year earlier. At this time a year ago, 5-year ARMs averaged 2.84 percent and 1-year ARMs averaged 2.75 percent.

Strong home price growth was seen on both a quarterly and yearly basis in April in parts of the West region, Clear Capital said in a recent report.

According to Clear Capital’s Home Data Index (HDI) Market Report, Las Vegas, Sacramento and Phoenix topped the chart of U.S. home price growth in April.

In Las Vegas in April, home prices gain 4.2 percent quarterly and 24.3 on a year-over-year basis. Sacramento experienced 3.7 percent gains quarter-over-quarter and 20.3 yearly growth, while Phoenix gained 3.1 quarterly and a tremendous 25.8 percent yearly.

San Jose, San Francisco, Los Angeles and Riverside, CA all showed up on the top 10 list of metropolitan statistical areas (MSAs) showing home price gains, as well. Overall in the U.S. in April, home prices gained 7.2 percent year-over-year.

Despite the rising home prices, home buying activity has not seen a big increase.

“[We] are still confident in the sustainability of the recovery as the market continues to adjust to the new normal,” Dr. Alex Villacorta, director of research and analytics at Clear Capital, said in a statement. “Moderate improvements in the broader economic landscape likely haven’t offered potential homebuyers strong reason to jump back in at the start of the season.”

Atlanta, Chicago also see big gains

Other areas of the U.S. that experienced strong quarter-over-quarter gains in April include Atlanta (3.1 percent gains), Chicago (2.9 percent), Miami (2.6 percent) and Seattle (2.3 percent).

“We do expect to see more buyers and sellers ready to take action over the next several months as rising prices continue to free up some underwater mortgages,” Dr. Villacorta said. “And while the national market waits for a spring boost in short-term gains, markets like Las Vegas offer a reminder that pockets of the housing market will continue to vastly outperform national and regional markets.”

Mortgage rates for both fixed-rate mortgages and adjustable-rate mortgages rose again on a weekly basis, Freddie Mac said in its weekly mortgage report.

According to Freddie Mac’s Primary Mortgage Market Survey for the week ending May 23, 2013, average interest rates increased for the third straight week. In this latest data, all mortgage types surveyed saw rate increases.

“Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.

Average rates for 30-year fixed-rate mortgages rose from 3.51 percent to 3.59 percent week-over-week, while shorter-term 15-year fixed-rate mortgages rose from 2.69 percent to 2.77 percent.

One year ago at this time, 30-year fixed mortgages averaged 3.78 percent and 15-year fixed mortgages averaged 3.04 percent.

The increase in fixed mortgage rates may result in lower mortgage refinancing volume, Nothaft noted.

“While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks,” he said.

Rates for 5-year ARMs rose slightly from 2.62 percent to 2.63 percent on a weekly basis, while 1-year ARMs stayed even at 2.55 percent.

One year ago at this time, 5-year ARMs averaged 2.83 percent, while 1-year ARMs averaged 2.75 percent.

Mortgage rates continued to head higher this week as mortgage activity dropped sharply, the Mortgage Bankers Association (MBA) said in its weekly mortgage report.

According to the MBA’s Weekly Mortgage Applications Survey for the week ending May 17, 2013, all mortgage types surveyed saw an increase in average interest rates, while application volume fell nearly 10 percent week-over-week.

“Mortgage rates increased to their highest level since March last week, leading to the largest single week drop in refinance applications this year,” Mike Fratantoni, MBA’s Vice President of Research and Economics, said in a statement.

Average rates for 30-year fixed mortgages increased to 3.78 percent from 3.67 percent the previous week. Those average rates refer to 30-year fixed mortgages with conforming loan balances of $417,500 or less, although other types of 30-year fixed mortgages had a similar fate.

Jumbo (loan balances greater than $417,500) 30-year fixed mortgages rose to an average rate of 3.93 percent from 3.87 percent one week earlier, while FHA-backed 30-year fixed mortgages increased from 3.43 percent to 3.53 percent week-over-week.

Shorter-term 15-year fixed mortgages saw average rates rise from 2.88 percent to 2.96 percent in one week, while 5-year adjustable-rate mortgages (ARMs) increased to an average rate of 2.60 percent after averaging 2.55 percent the previous week.

Refinance applications drop sharply

Overall, mortgage application volume decreased 9.8 percent week-over-week alongside the average rate increases. The drop was led by a large decrease in mortgage refinancing applications.

The MBA’s Refinance Index fell 12 percent on a weekly basis, and the overall share of mortgage activity associated with refinancing dropped to 74 percent of total applications. One week earlier, the refinance share stood at 76 percent.

“The refinance index has fallen almost 19 percent over the past two weeks and is back to its lowest level since late March,” Fratantoni said. “Purchase activity declined over the week but is still running about 10 percent above last year’s pace at this time.”

Home sales increased in the first quarter (Q1) of 2013 as signs of a seller’s market may be starting to emerge, the National Association of Realtors (NAR) said in a recent report.

According to the NAR, total sales of existing homes across the U.S. rose 0.8 percent on a quarterly basis and 9.8 percent on a yearly basis in the first quarter (Q1) of 2013.

In Q1 2013, the seasonally-adjusted annual existing-home sales pace came in at 4.94 million, up from 4.90 million in the fourth quarter (Q4) of 2012 and 4.50 million in Q1 2012.

Meanwhile, 1.93 million existing homes were available for sale across the U.S. at the end of Q1 2013, which represents a 16.8 percent decline from the 2.32 million homes that were available a year earlier in Q1 2012.

“The supply/demand balance is clearly tilted toward sellers in a good portion of the country,” Lawrence Yun, NAR chief economist, said in a statement. “Inventory conditions are expected to remain fairly constrained this year, so overall price increases should be well above the historic gain of one-to-two percentage points above the rate of inflation.

Regional results vary

Three of four major U.S. regions saw increases in home sales in Q1 on a quarterly basis and all four regions registered yearly gains.

The Northeast had the largest quarterly gains, as sales increased 4.4 percent from Q4 2012 to Q1 2013. Q1 2013 sales in this region also came in 9.1 percent higher than a year earlier in Q1 2012.

The Midwest region, had the largest yearly existing-home sales gain in Q1 at 15.0 percent and showed a 1.2 percent quarterly gain, while home sales in the South increased 13.3 percent and 0.7 percent yearly and quarterly, respectively.

The West saw existing-home sales fall 1.1 percent quarter-over-quarter but did still come in 0.6 percent higher than a year earlier.

Mortgage rates continued to climb higher as the economy responded to increased consumer spending, mortgage giant Freddie Mac revealed in its weekly mortgage report.

According to Freddie Mac’s Primary Mortgage Market Survey for the week ending May 16, 2013, reports of strong consumer spending and higher U.S. Treasury bond yields coincided with a second consecutive week of mortgage rate increases.

“Mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “Advanced retail sales rose 0.1 percent in April, above the market forecast consensus of a 0.3 percent decline. Excluding such items as automobiles and gasoline, sales were up 0.5 percent for the second time in three months.”

Average rates for 30-year fixed-rate mortgages rose from 3.42 percent to 3.51 percent week-over-week, while 15-year fixed mortgages rose from 2.61 percent to 2.69 percent in the same time frame.

One year ago at this time, 30-year fixed mortgages averaged 3.79 percent and 15-year fixed mortgages averaged 3.04 percent.

“Households are also shoring up their balance sheets,” Nothaft said. “Total household debt fell by about $110 billion in the first quarter. In addition, approximately 3.0 million homeowners were seriously delinquent (90 days or more delinquent or in foreclosure) on their first mortgages, down from a peak of about 5.1 million in the fourth quarter of 2009.”

Rates for 5-year adjustable-rate mortgages (ARMs) increased to 2.62 percent from 2.58 percent the previous week, while 1-year ARMs rose to 2.55 percent from 2.53 percent the prior week.

One year ago at this time, 5-year ARMs averaged 2.83 percent and 1-year ARMs came in at 2.78 percent.

Mortgages rates have reversed the downward trend seen much of 2013 and headed uphill in recent weeks. This week, mortgage rates increased for all mortgage types, the Mortgage Bankers Association (MBA) said.

According the MBA’s Weekly Mortgage Applications Survey for the week ending May 10, 2013, both fixed-rate mortgages and adjustable-rate mortgages (ARMs) saw week-over-week increases in average interest rates.

Average rates for 30-year fixed mortgages rose from 3.59 percent to 3.67 percent on a weekly basis. These rates refer to 30-year fixed mortgages with conforming loan balances of $417,500 or less, but other types of 30-year fixed mortgages saw similar changes.

Jumbo (loan balances greater than $417,500) 30-year fixed mortgages increased to an average rate of 3.87 percent from 3.79 percent the previous week, while FHA-backed 30-year fixed mortgages rose to an average of 3.43 percent – up from 3.35 percent one week earlier.

Shorter-term 15-year fixed mortgages saw an increase to 2.88 percent from 2.81 percent the previous week, and 5-year ARMs increased slightly to an average rate of 2.55 percent from 2.53 percent the prior week.

Mortgage activity declines

Overall, mortgage activity – measured by application volume – declined 7.3 percent week-over-week, the MBA said.

The MBA’s Refinance Index fell 8 percent weekly, while its Purchase Index fell 4 percent week over week.

Refinancing activity is still dominating the mortgage marketplace, making up 76 percent of total mortgage applications in this latest data – the same as the previous week.

Home prices rose on a year-over-year basis, breathing additional life into the recovering housing market, Clear Capital said in its monthly market report.

According to Clear Capital, home prices gained 7.2 percent on a year basis in April. The previous April saw a decline in home prices of 1.4 percent on a national level.

“National yearly gains in April continued to ramp up to 7.2%,” Dr. Alex Villacorta, director of research and analytics at Clear Capital, said in a statement. “But market observers shouldn’t be fooled by the large headline numbers. Last year was a turning point for the market where the year started with prices at virtually their lowest point and saw a very strong correction through the year.”

In the report, Clear Capital noted that the U.S. should start to see more standard rates of growth in the coming months.

“Now, however, the market is stabilizing and the large yearly and even quarterly gains of 2012 are starting to subside, which is a good thing as markets return to more normal rates of growth,” Dr. Villacorta said. “Much of the gains we see right now in the yearly trends are a reflection of the market lows in 2012, rather than a function of recent short-term momentum.”

Quarterly growth stabilizing

On a quarter-over-quarter basis, national home prices are showing more stability, Clear Capital noted. Stability can often be seen when analyzing lowest performing markets.

In April, the lowest performing metropolitan statistical areas (MSAs) declined just 0.1 percent on a year-over-year basis, and nine of 15 lowest performing MSAs experienced home price changes of less than 1.0 percent quarter-over-quarter.

The small price fluctuations seen on both a quarterly and yearly basis could signify that even low-performing MSAs are nearing bottom, thus more stability can be expected in the coming months.