You may be able to get rid of that expensive mortgage insurance without refinancing if your loan is in good standing, and it was opened before June 2013, among other requirements.
Housing markets show continued signs of strengthening according to reports released on Wednesday. The National Association of RealtorsÂ® reported that sales of pre-owned homes rose to 5.49 million in June as compared to Mayâs revised reading of 5.32 million pre-owned homes sold and expected sales estimated at 5.42 million sales. Expectations were based on Mayâs original reading of 5.35 million sales. Juneâs reading was the highest since February of 2007. Readings for existing home sales are calculated on a seasonally adjusted annual basis.
Last week's economic news supported the general outlook for moderate economic growth. Housing related news included the National Association of Home Builders / Wells Fargo Housing Market Index for April and Housing Starts for March.
The National Association of REALTORS reported that existing home sales for July came in at 5.39 million on a seasonally adjusted annual basis. July's reading exceeded both expectations of 5.21 million existing homes sold and June's reading of 5.06 million homes sold.
According to the National Association of REALTORSÂ®, national sales of existing homes in June came in at 5.08 million.