18
Sep
By Jim Hasek
Market Outlook, , ,

NAHB: Builder Confidence Hits Highest Rate in 9 Years; Fed Doesn’t Raise Rates

The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index reported that home builder confidence rose by one point to a reading of 62 for September. This was the highest reading since November 2005, when the NAHB reported a reading of 68 for home builder confidence. Any reading above 50 indicates that more builders are confident about housing market conditions than those who are not. NAHB notes that builder confidence has been growing at a moderate pace since July 2014; this is in line with economic conditions in general. Relatively low mortgage rates and stronger labor markets…
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14
Sep
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – September 14, 2015

A short week after the Labor Day Holiday provided a slack schedule for economic news. Bloomberg reported that residential investment for the second quarter of 2015 represented 3.34 percent of the Gross Domestic Product. Compared to the long-term average reading of 4.56 percent, analysts said that the Q2 15 reading suggested pent-up demand in the housing market that could help propel the economy through any setbacks that could occur when the Fed raises rates. Pent-Up Housing Demand a Plus when Fed Raises Rates Job openings rose in July to 5.75 million as compared to June's reading of 5.32 million. This…
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08
Sep
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – September 8, 2015

Last week's economic news included reports on construction spending, private and public sector employment data and a report from the Fed indicating that any move to raise interest rates may be delayed. The details: Construction Spending Meets Expectations, Beige Book Indicates Wage Pressures Analysts said that construction is gaining strength and could soon be the strongest sector of the economy. Construction spending for July met growth expectations of 0.70 percent as compared to June's reading of 0.10 percent. The Commerce Department reported that this reading translated to a seasonally adjusted annual rate of $1.98 trillion, which was the highest rate…
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31
Aug
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – August 31, 2015

Last week's economic news included several reports related to housing. The Case-Shiller 20-City Home Price Index for June rose to 4.50 percent as compared to May's reading of 4.40 percent. Denver, Colorado was the only city to post double-digit year-over-year growth. FHFA also released its House Price Index for June. Home prices for properties associated with mortgages owned or backed by Fannie Mae and Freddie Mac rose at a year-over-year rate of 5.60 percent in June as compared to May's reading of 5.70 percent. New Home Sales, Pending Home Sales Rise in July Commerce Department data revealed that new home…
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26
Aug
By Jim Hasek
Market Outlook, , , ,

Case-Shiller: Home Prices Continue to Outpace Inflation

Denver, Colorado continues to woo homebuyers as home prices rose by 10.20 percent as of June according to the Case-Shiller 20-City Home Price Index. The Mile-High City was the only city included in the index that posted double-digit year-over-year growth in June. San Francisco, California posted a 9.50 percent year-over-year gain in home prices and Dallas, Texas rounds out the top three cities posting highest year-over-year home price growth with a reading of 8.20 percent. Denver's home prices were impacted by the city's rapidly expanding economy and demand for homes coupled with a slim supply of homes for sale. According…
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24
Aug
By Jim Hasek
Market Outlook, , , ,

What’s Ahead For Mortgage Rates This Week – August 24, 2015

Last week's economic events included a number of readings on housing related topics. The National Association of Home Builders released its report on builder confidence in housing markets, Housing starts reached their highest level since the great recession, and existing home sales exceeded expectations and the prior month's reading. The Federal Reserve released minutes for its most recent FOMC meeting, which indicated that while a majority of FOMC members are leaning toward raising the Fed's target federal funds rate, concerns over certain aspects of the economy continue to keep the Fed from citing a date for raising its target interest…
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