(AP) -- U.S. 30-year mortgage rates rose, increasing long-term borrowing costs as home values extend a recovery from a six-year slump.
The average rate for a 30-year fixed mortgage was 3.37 percent in the week ended Thursday, up from 3.32 percent, McLean, Va.-based Freddie Mac (OTC: FMCC) said.
The average 15-year rate fell to 2.65 percent from 2.66 percent.
FHFA prices rise
(Bloomberg) -- U.S. house prices rose 5.6 percent in the 12 months through October as the housing market recovers, the Federal Housing Finance Agency (FHFA) said.
Prices climbed 0.5 percent from September, the FHFA said Tuesday.
U.S. home values have increased this year as record-low borrowing costs and improving employment bolster consumer demand and the supply of homes on the market shrinks.
The FHFA data, which is based on sales of single-family houses with a mortgage backed by Fannie Mae (OTC: FNMA) or Freddie Mac, doesn't provide a specific price.
The median price of an existing single-family home was $178,600 in October, up 11 percent from a year earlier and 0.2 percent higher than September, the National Association of Realtors said on Nov. 20.
U.S. home values gained 6 percent this year to an estimated $23.7 trillion, according to an analysis released Thursday by Seattle-based Zillow Inc. (Nasdaq: Z).
Sandy rent breaks
(AP) -- More than 35,000 families living in New York City public housing complexes will start getting breaks on their rent next month after Superstorm Sandy walloped their buildings.
The city Housing Authority announced Thursday that the rent credits would begin in January.
The tenants won't be charged rent for any days they were without power, heat, hot water or elevators after the Oct. 29 storm.
Individual rebates depend on each affected tenant's rent and how long the problems endured.
Altogether, the discounts will total $5.6 million.
Sandy flooded and damaged several NYCHA complexes.
Some were without heat or power for two weeks or more.
The housing authority first announced plans for the rent credits last month.
The authority also is holding off most evictions in damaged developments until Feb. 1.
(Bloomberg) -- Deutsche Annington Immobilien AG, the German property company owned by Terra Firma Capital Partners Ltd., received court approval to restructure Europe's biggest corporate commercial mortgage-backed security.
Deutsche Annington now has five years to pay investors the 3.8 billion euros ($5 billion) of debt remaining on the German Residential Asset Note Distributor Plc, or GRAND, the company said Thursday.
The approval by a judge in London ends two years of refinancing negotiations and clears the way for Germany's biggest owner of homes to sell shares to the public in 2013.
The CMBS was valued at 5.8 billion euros when it was issued in 2006 and had been due to expire in July 2013, according to investor documents on the company's website.
“Deutsche Annington has developed into an excellent business,” Terra Firma Chairman Guy Hands said in the statement. “Deutsche Annington's capital structure following the refinancing underscores its exceptional outlook.”
Wijnand Donkers, Deutsche Annington's former chief executive officer, in July said the Bochum-based company must repay 1.7 billion euros of the debt before carrying out an IPO.