Category Archives: Mortgage Rates

What’s Ahead For Mortgage Rates This Week – July 25, 2016

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Housing Starts, Building Permits Issued Rise

Commerce Department reports on housing starts and building permits issued were released Tuesday. Housing starts rose to 1.189 million in June against expectations of 1.165 million starts and May’s downwardly revised reading of 1.135 million starts, Housing starts rose by 4.80 percent on a seasonally-adjusted annual basis. This is good news for housing markets, but analysts said that demand for homes continued to exceed available supplies.

Building permits issued also rose in June to 1.53 million as compared to May’s reading of 1.136 million permits issued.

Existing Home Sales Increase: National Association of Realtors®

Sales of previously-owned homes rose three percent year-over-year and reached their highest level since February 2007 in June. Existing home sales rose by 1.10 percent in June to a seasonally-adjusted annual rate of 5.57 million sales. Analysts forecasted a reading of 5.48 million sales of pre-owned homes based on May’s reading of 5.51 million sales.

Analysts said that first-time home buyers are returning to housing markets and helped boost June sales and cited changing buyer demographics that suggest a return to owner-occupant home sales. First-time buyers accounted for 33 percent of pre-owned home sales in July, which was their highest reading since 2012. First-time buyers are important to housing markets as their purchases of existing homes enable current homeowners to sell their homes to buy larger homes or to relocate.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board last week according to Freddie Mac’s weekly report. Rates for a 30-year fixed rate mortgage averaged 3.45 percent, which was three basis points higher. The average rate for a 15-year fixed rate mortgage also rose three basis points to 2.75 percent; rates for a 5/1 adjustable rate mortgage averaged 2.78 percent. Discount points averaged 0.50 percent for fixed-rate mortgage and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims sustained their streak and fell last week to 253,000 against predictions of 260,000 new claims filed and the prior week’s reading of 254,000 new claims filed. Analysts hailed declining jobless claims as a strong indicator that the economy and labor markets continue to improve. New jobless claims have remained below the key reading of 300,000 for 73 weeks. The four-week rolling average of new jobless claims fell by 1250 claims to 257,750. This reading is considered less volatile than week-to-week readings and offers evidence of steady improvements in labor markets.

What’s Ahead

Next week’s scheduled economic news includes the S&P Case-Shiller Housing Market Index, readings on new and pending home sales and the FOMC committee’s post-meeting statement on Federal Reserve monetary policy decisions. Analysts widely expect the Fed to hold firm on its current federal funds rate of 0.25 to 0.50 percent.

Weekly reports on mortgage rates and new jobless claims will be released along with a reading on consumer confidence.

What’s Ahead For Mortgage Rates This Week – July 25, 2016

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Housing Starts, Building Permits Issued Rise

Commerce Department reports on housing starts and building permits issued were released Tuesday. Housing starts rose to 1.189 million in June against expectations of 1.165 million starts and May’s downwardly revised reading of 1.135 million starts, Housing starts rose by 4.80 percent on a seasonally-adjusted annual basis. This is good news for housing markets, but analysts said that demand for homes continued to exceed available supplies.

Building permits issued also rose in June to 1.53 million as compared to May’s reading of 1.136 million permits issued.

Existing Home Sales Increase: National Association of Realtors®

Sales of previously-owned homes rose three percent year-over-year and reached their highest level since February 2007 in June. Existing home sales rose by 1.10 percent in June to a seasonally-adjusted annual rate of 5.57 million sales. Analysts forecasted a reading of 5.48 million sales of pre-owned homes based on May’s reading of 5.51 million sales.

Analysts said that first-time home buyers are returning to housing markets and helped boost June sales and cited changing buyer demographics that suggest a return to owner-occupant home sales. First-time buyers accounted for 33 percent of pre-owned home sales in July, which was their highest reading since 2012. First-time buyers are important to housing markets as their purchases of existing homes enable current homeowners to sell their homes to buy larger homes or to relocate.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board last week according to Freddie Mac’s weekly report. Rates for a 30-year fixed rate mortgage averaged 3.45 percent, which was three basis points higher. The average rate for a 15-year fixed rate mortgage also rose three basis points to 2.75 percent; rates for a 5/1 adjustable rate mortgage averaged 2.78 percent. Discount points averaged 0.50 percent for fixed-rate mortgage and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims sustained their streak and fell last week to 253,000 against predictions of 260,000 new claims filed and the prior week’s reading of 254,000 new claims filed. Analysts hailed declining jobless claims as a strong indicator that the economy and labor markets continue to improve. New jobless claims have remained below the key reading of 300,000 for 73 weeks. The four-week rolling average of new jobless claims fell by 1250 claims to 257,750. This reading is considered less volatile than week-to-week readings and offers evidence of steady improvements in labor markets.

What’s Ahead

Next week’s scheduled economic news includes the S&P Case-Shiller Housing Market Index, readings on new and pending home sales and the FOMC committee’s post-meeting statement on Federal Reserve monetary policy decisions. Analysts widely expect the Fed to hold firm on its current federal funds rate of 0.25 to 0.50 percent.

Weekly reports on mortgage rates and new jobless claims will be released along with a reading on consumer confidence.

NAHB: Home Builder Confidence Slips in June

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Whats Ahead For Mortgage Rates This Week June 1 2015Home builder confidence fell slightly in June to a reading of 59 according to the National Association of Home Builders Housing Market Index. Analysts had expected no change to June’s reading of 60. June components of the HMI were also lower.

Builder confidence in current market conditions dropped by one point to 63; builder confidence in market conditions over the next six months fell three points to a reading of 66. The reading for foot traffic in new single-family developments dropped one point to 55. Readings over 50 indicate that more builders than fewer are confident about housing market conditions.

Are Housing Markets Cooling Down?

A statement released by NAHB said that June’s readings were consistent with an ongoing gradual housing recovery. In related news, real estate analysts are seeing similarities in today’s level of speculation to the pre-recession housing bubble that was fueled by speculation. More “mom-and-pop” investors are entering the market instead of seasoned institutional investors, which suggests that institutional investor interest is slowing.

In June, 2.50 percent of homes were purchased by institutional investors as compared to a peak of 9.80 percent in February 2013. Red flags suggesting that housing markets are cooling down appear consistent with June’s NAHB Housing Market Index.

Too much speculation can create a housing bubble, which would burst when demand dries up due to overly inflated home prices and falling demand for homes. Slim supplies of available homes and rapidly rising home prices are obstacles for home buyers. Home builders continue to cite low supplies of suitable land and labor shortages as obstacles to home construction.

Short Supply of Homes, Affordability Issues Persist

In a report separate from the NAHB Housing Market Index, Fannie Mae economists said that they expect single-family housing starts to increase by 13 percent in 2016. Any increase in home building would help reduce the shortage of available homes. The willingness and ability of builders to produce more affordable homes is a key aspect of maintaining healthy housing markets. Strong competitions for homes and high home prices in major metro areas have made home ownership impossible for many would-be buyers. Short supplies of available homes are discouraging those who are prepared to buy but can’t find homes they want.

Unless low supplies of homes and affordability concerns are resolved, overall market slow-downs are likely to occur at some point. Indications that professional investors may be slowing their former pace of snapping up homes could suggest that hot housing markets are starting to cool off.

NAHB: Home Builder Confidence Slips in June

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Whats Ahead For Mortgage Rates This Week June 1 2015Home builder confidence fell slightly in June to a reading of 59 according to the National Association of Home Builders Housing Market Index. Analysts had expected no change to June’s reading of 60. June components of the HMI were also lower.

Builder confidence in current market conditions dropped by one point to 63; builder confidence in market conditions over the next six months fell three points to a reading of 66. The reading for foot traffic in new single-family developments dropped one point to 55. Readings over 50 indicate that more builders than fewer are confident about housing market conditions.

Are Housing Markets Cooling Down?

A statement released by NAHB said that June’s readings were consistent with an ongoing gradual housing recovery. In related news, real estate analysts are seeing similarities in today’s level of speculation to the pre-recession housing bubble that was fueled by speculation. More “mom-and-pop” investors are entering the market instead of seasoned institutional investors, which suggests that institutional investor interest is slowing.

In June, 2.50 percent of homes were purchased by institutional investors as compared to a peak of 9.80 percent in February 2013. Red flags suggesting that housing markets are cooling down appear consistent with June’s NAHB Housing Market Index.

Too much speculation can create a housing bubble, which would burst when demand dries up due to overly inflated home prices and falling demand for homes. Slim supplies of available homes and rapidly rising home prices are obstacles for home buyers. Home builders continue to cite low supplies of suitable land and labor shortages as obstacles to home construction.

Short Supply of Homes, Affordability Issues Persist

In a report separate from the NAHB Housing Market Index, Fannie Mae economists said that they expect single-family housing starts to increase by 13 percent in 2016. Any increase in home building would help reduce the shortage of available homes. The willingness and ability of builders to produce more affordable homes is a key aspect of maintaining healthy housing markets. Strong competitions for homes and high home prices in major metro areas have made home ownership impossible for many would-be buyers. Short supplies of available homes are discouraging those who are prepared to buy but can’t find homes they want.

Unless low supplies of homes and affordability concerns are resolved, overall market slow-downs are likely to occur at some point. Indications that professional investors may be slowing their former pace of snapping up homes could suggest that hot housing markets are starting to cool off.

What’s Ahead For Mortgage Rates This Week – July 18, 2016

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Whats Ahead For Mortgage Rates This Week January 04 2016Last week’s economic news included reports on inflation, retail sales and weekly readings on mortgage rates and weekly jobless claims.

Mortgage rates were mixed with average rate for a 30-year fixed rate mortgage rising by one basis point to 3.42 percent. The average rate for a 15-year mortgage dropped by two basis points to 2.72 percent, and the average rate for a 5/1 adjustable rate mortgage rose six basis points to 2.76 percent. Discount points averaged 0.50 percent for 30-year fixed rate mortgages and 5/1 adjustable rate mortgages and 0.40 percent for 15 year fixed rate mortgages. Freddie Mac said that recent patterns in mortgage rates suggested that rates are likely to remain low throughout the summer; last year the average rate for a 30-year fixed rate mortgage was 4.09 percent.

Inflation Grows at Steady Rate

Inflation grew by 0.20 percent in June according to the Consumer Price Index issued by the government. Rent, gas and pharmaceuticals drove the increase, while grocery prices declined. The Core Consumer Price Index, which excludes volatile food and energy sectors, also grew by 0.200 percent; this reflects lower grocery prices and relatively low fuel costs.

Increasing rents could propel more renters into the home buying market, but high home prices and short supplies of available homes continue to limit home buyer choices. Inflation remains below the Federal Reserve’s target of 2.00 percent annually; this indicates that the Fed isn’t likely to raise its target federal fund rates in the near future.

Home and Garden Sales Drive June Retail Sales

Homeowners were busy with home improvements and yard work in June; this boosted retail sales to 0.50 percent against an expected reading of 0.10 percent and May’s reading of 0.20 percent. June retail sales excluding automotive sales rose from May’s reading of 0.40 percent to 0.70 percent; analysts had expected retail sales exclusive of autos to grow by 0.50 percent in June.

New Jobless Claims Hold Steady, Consumer Sentiment Dips

Weekly jobless claims were unchanged at 254,000 new claims filed; analysts had expected new claims to increase to 265,000 new claims. A wave of new claims created by end-of-school-year layoffs caused new claims to jump in recent weeks, but analysts said that layoffs remain low. New jobless claims remained well below the benchmark of 300,000 for the 71st consecutive week. This extended the longest time that new jobless claims were below 300,000 since 1973.

What’s Ahead

This week’s scheduled economic news includes the NAHB Housing Market Index, Existing Home Sales, Housing Starts and Building Permits. Weekly readings on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – July 18, 2016

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Whats Ahead For Mortgage Rates This Week January 04 2016Last week’s economic news included reports on inflation, retail sales and weekly readings on mortgage rates and weekly jobless claims.

Mortgage rates were mixed with average rate for a 30-year fixed rate mortgage rising by one basis point to 3.42 percent. The average rate for a 15-year mortgage dropped by two basis points to 2.72 percent, and the average rate for a 5/1 adjustable rate mortgage rose six basis points to 2.76 percent. Discount points averaged 0.50 percent for 30-year fixed rate mortgages and 5/1 adjustable rate mortgages and 0.40 percent for 15 year fixed rate mortgages. Freddie Mac said that recent patterns in mortgage rates suggested that rates are likely to remain low throughout the summer; last year the average rate for a 30-year fixed rate mortgage was 4.09 percent.

Inflation Grows at Steady Rate

Inflation grew by 0.20 percent in June according to the Consumer Price Index issued by the government. Rent, gas and pharmaceuticals drove the increase, while grocery prices declined. The Core Consumer Price Index, which excludes volatile food and energy sectors, also grew by 0.200 percent; this reflects lower grocery prices and relatively low fuel costs.

Increasing rents could propel more renters into the home buying market, but high home prices and short supplies of available homes continue to limit home buyer choices. Inflation remains below the Federal Reserve’s target of 2.00 percent annually; this indicates that the Fed isn’t likely to raise its target federal fund rates in the near future.

Home and Garden Sales Drive June Retail Sales

Homeowners were busy with home improvements and yard work in June; this boosted retail sales to 0.50 percent against an expected reading of 0.10 percent and May’s reading of 0.20 percent. June retail sales excluding automotive sales rose from May’s reading of 0.40 percent to 0.70 percent; analysts had expected retail sales exclusive of autos to grow by 0.50 percent in June.

New Jobless Claims Hold Steady, Consumer Sentiment Dips

Weekly jobless claims were unchanged at 254,000 new claims filed; analysts had expected new claims to increase to 265,000 new claims. A wave of new claims created by end-of-school-year layoffs caused new claims to jump in recent weeks, but analysts said that layoffs remain low. New jobless claims remained well below the benchmark of 300,000 for the 71st consecutive week. This extended the longest time that new jobless claims were below 300,000 since 1973.

What’s Ahead

This week’s scheduled economic news includes the NAHB Housing Market Index, Existing Home Sales, Housing Starts and Building Permits. Weekly readings on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – July 11, 2016

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Whats Ahead For Mortgage Rates This Week April 27 2015Last week’s economic news included minutes from the most recent meeting of the Fed’s Federal Open Market Committee (FOMC) along with several reports on private and public sector employment and the national unemployment rate. Weekly reports on mortgage rates and new jobless claims were also released.

FOMC Minutes: Committee Closely Monitoring Economic Developments

The minutes of June’s FOMC meeting indicate that Fed policymakers continue to be cautious based on low inflation and close review of domestic and global economic developments. Committee members acknowledged improvements in the housing market, but also noted that annual inflation remains below the Fed’s two percent goal. Low inflation and wage growth presented obstacles to would-be home buyers who continued to face rapidly rising home prices and low inventories of available homes. FOMC members voted not to increase the current target federal funds rate of 0.25 to 0.50 percent.

FOMC’s June meeting occurred before Great Britain’s decision to leave the EU, which created volatility in financial markets and caused mortgage rates to drop.

Mortgage Rates, New Jobless Claims Fall

Freddie Mac reported an across-the-board drop in average mortgage rates last week. The average rate for a 30-year fixed rate mortgage fell by seven basis points to 3.41 percent and the rate for a 15-year fixed rate mortgage averaged 2.74 percent. Rates for a 5/1 adjustable rate averaged 2.68 percent. Discount points were unchanged at 0.50, 0.40 and 0.50 percent respectively.

New jobless claims were decreased to a three-month low of 254,000 as compared to expectations of 265,000 new claims and the prior week’s reading of 270,000 new claims. New jobless claims were higher after the end of the school year, when some school workers became eligible for benefits when schools closed for summer break.

Job Creation Jumps After May Lull

Non-farm payrolls expanded significantly in June after May’s sharp drop. 287,000 jobs were created in June as compared to expectations of 173,000 new jobs and May’s dismal reading of 11,000 new jobs. The non-farm payrolls report includes readings for public and private sector jobs. June’s ADP payrolls report measures private-sector jobs; June’s reading surpassed May’s reading of 168,000 jobs with 172,000 new jobs.

In related news, the Commerce Department reported that national unemployment increased from May’s reading of 4.80 to 4.90 percent. Analysts said that this uptick may not be bad news, but instead indicated an expanding workforce. Unemployment readings are based on the number of workers seeking work and don’t include workers who have left the workforce.

What’s Ahead

This week’s scheduled economic releases include the Consumer Price Index, Core CPI, retail sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – July 11, 2016

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Whats Ahead For Mortgage Rates This Week April 27 2015Last week’s economic news included minutes from the most recent meeting of the Fed’s Federal Open Market Committee (FOMC) along with several reports on private and public sector employment and the national unemployment rate. Weekly reports on mortgage rates and new jobless claims were also released.

FOMC Minutes: Committee Closely Monitoring Economic Developments

The minutes of June’s FOMC meeting indicate that Fed policymakers continue to be cautious based on low inflation and close review of domestic and global economic developments. Committee members acknowledged improvements in the housing market, but also noted that annual inflation remains below the Fed’s two percent goal. Low inflation and wage growth presented obstacles to would-be home buyers who continued to face rapidly rising home prices and low inventories of available homes. FOMC members voted not to increase the current target federal funds rate of 0.25 to 0.50 percent.

FOMC’s June meeting occurred before Great Britain’s decision to leave the EU, which created volatility in financial markets and caused mortgage rates to drop.

Mortgage Rates, New Jobless Claims Fall

Freddie Mac reported an across-the-board drop in average mortgage rates last week. The average rate for a 30-year fixed rate mortgage fell by seven basis points to 3.41 percent and the rate for a 15-year fixed rate mortgage averaged 2.74 percent. Rates for a 5/1 adjustable rate averaged 2.68 percent. Discount points were unchanged at 0.50, 0.40 and 0.50 percent respectively.

New jobless claims were decreased to a three-month low of 254,000 as compared to expectations of 265,000 new claims and the prior week’s reading of 270,000 new claims. New jobless claims were higher after the end of the school year, when some school workers became eligible for benefits when schools closed for summer break.

Job Creation Jumps After May Lull

Non-farm payrolls expanded significantly in June after May’s sharp drop. 287,000 jobs were created in June as compared to expectations of 173,000 new jobs and May’s dismal reading of 11,000 new jobs. The non-farm payrolls report includes readings for public and private sector jobs. June’s ADP payrolls report measures private-sector jobs; June’s reading surpassed May’s reading of 168,000 jobs with 172,000 new jobs.

In related news, the Commerce Department reported that national unemployment increased from May’s reading of 4.80 to 4.90 percent. Analysts said that this uptick may not be bad news, but instead indicated an expanding workforce. Unemployment readings are based on the number of workers seeking work and don’t include workers who have left the workforce.

What’s Ahead

This week’s scheduled economic releases include the Consumer Price Index, Core CPI, retail sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – July 5, 2016

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Closing Paperwork: How to Read and Understand the Truth-in-Lending Disclosure StatementLast week’s economic events included S&P Case-Shiller’s Housing Market Indices for April along with reports on Construction Spending and Pending Home Sales. Consumer Confidence was higher in June in spite of low wage growth and inflation well below the Fed’s goal of 2.00 percent annually.

S&P Case-Shiller: Home Price Growth Ticks Downward

April home values grew by 5.40 percent in April on a seasonally-adjusted annual basis. Case Shiller reported a drop in momentum from the March reading of 5.50 percent according to the S&P Case-Shiller 20-City Home Price Index. While no city included in the 20-City Index reported lower home values, the rate of growth appears to be slowing. High home prices driven by high demand and slim inventories of available homes may continue to lose steam as high home prices coupled with stricter mortgage requirements sideline first-time and moderate income buyers.

Pending home sales in May saw their first decline since August 2015 According to the National Association of Realtors®, Pending sales dropped from April’s downwardly revised index reading of 115.0 to 110.8. Pending home sales were -3.70 percent lower in May as compared to April’s reading of +3.90 percent. The drop in pending sales, which represents homes under contract that are not yet closed, is largely blamed on markedly low inventories of homes for sale in many areas.

Construction spending was higher in May, but remained in negative territory with a reading of -0.80 percent as compared to expectations of +0.50 percent and April’s reading of -2.00 percent. While the overall reading appears unremarkable, residential construction spending was 5.30 percent higher in May.

Mortgage Rates Lower, Jobless Claims Rise

Freddie Mac reported lower mortgage rates in the aftermath of Great Britain’s vote to leave the EU. Rates for a 30-year fixed rate mortgage averaged 3.48 percent.15-year mortgage rates averaged 2.78 percent and the average rate for 5/1 adjustable rate mortgages was 2.70 percent. Discount points were also lower at 0.50, 0.40 and 0.50 percent respectively.

Jobless reports jumped due to the end of the school year; New York State in particular allows some workers to file jobless claims when schools are closed. 268,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 258,000 new claims.

Consumer confidence rose in June, but consumers were surveyed before the Brexit vote. Consumer confidence increased to 98.0 in June as compared to May’s index reading of 92.40.Stronger job markets and stabilized gas prices were seen as contributing factors that boosted consumer confidence.

What’s Ahead

Next week’s scheduled economic reports include several labor-related reports including Non-Farm Payrolls, ADP Payrolls, June’s national unemployment rate and minutes of the Fed’s last FOMC meeting. Freddie Mac’s survey of mortgage rates and weekly jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – July 5, 2016

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Closing Paperwork: How to Read and Understand the Truth-in-Lending Disclosure StatementLast week’s economic events included S&P Case-Shiller’s Housing Market Indices for April along with reports on Construction Spending and Pending Home Sales. Consumer Confidence was higher in June in spite of low wage growth and inflation well below the Fed’s goal of 2.00 percent annually.

S&P Case-Shiller: Home Price Growth Ticks Downward

April home values grew by 5.40 percent in April on a seasonally-adjusted annual basis. Case Shiller reported a drop in momentum from the March reading of 5.50 percent according to the S&P Case-Shiller 20-City Home Price Index. While no city included in the 20-City Index reported lower home values, the rate of growth appears to be slowing. High home prices driven by high demand and slim inventories of available homes may continue to lose steam as high home prices coupled with stricter mortgage requirements sideline first-time and moderate income buyers.

Pending home sales in May saw their first decline since August 2015 According to the National Association of Realtors®, Pending sales dropped from April’s downwardly revised index reading of 115.0 to 110.8. Pending home sales were -3.70 percent lower in May as compared to April’s reading of +3.90 percent. The drop in pending sales, which represents homes under contract that are not yet closed, is largely blamed on markedly low inventories of homes for sale in many areas.

Construction spending was higher in May, but remained in negative territory with a reading of -0.80 percent as compared to expectations of +0.50 percent and April’s reading of -2.00 percent. While the overall reading appears unremarkable, residential construction spending was 5.30 percent higher in May.

Mortgage Rates Lower, Jobless Claims Rise

Freddie Mac reported lower mortgage rates in the aftermath of Great Britain’s vote to leave the EU. Rates for a 30-year fixed rate mortgage averaged 3.48 percent.15-year mortgage rates averaged 2.78 percent and the average rate for 5/1 adjustable rate mortgages was 2.70 percent. Discount points were also lower at 0.50, 0.40 and 0.50 percent respectively.

Jobless reports jumped due to the end of the school year; New York State in particular allows some workers to file jobless claims when schools are closed. 268,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 258,000 new claims.

Consumer confidence rose in June, but consumers were surveyed before the Brexit vote. Consumer confidence increased to 98.0 in June as compared to May’s index reading of 92.40.Stronger job markets and stabilized gas prices were seen as contributing factors that boosted consumer confidence.

What’s Ahead

Next week’s scheduled economic reports include several labor-related reports including Non-Farm Payrolls, ADP Payrolls, June’s national unemployment rate and minutes of the Fed’s last FOMC meeting. Freddie Mac’s survey of mortgage rates and weekly jobless claims will also be released.