13
Oct
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – October 13, 2015

Last week's economic reports included the Federal Open Market Committee Meeting Minutes and Weekly Jobless Claims. Also, the new mortgage TRID rules went into effect. Here are the details: TRID (TILA-RESPA Integrated Disclosure) Goes Into Effect TRID, or TILA-RESPA Integrated Disclosure, which is also known as the "Know Before You Owe" rule will change the mortgage process by altering some standard loan forms and practices. Originally slated to go into effect August 1, the Consumer Financial Protection Bureau (CFPB) actually took effect on October 3. On Wednesday, October 7, 2015, the House of Representatives approved HR 3192, "The Homebuyers Assistance…
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05
Oct
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – October 05, 2015

Last week's economic reports included Pending Home Sales, Construction Spending and several reports on jobs and employment. The details:Pending Home Sales Down as Home Prices RisePending home sales dipped in August, which is consistent with the waning spring and summer peak sales period for homes. Pending home sales were down by -1.40 percent as compared to July's gain of 0.50 percent. Pending home sales indicate future closings and mortgage loan volume.Home prices rose in July according to the S&P Case-Shiller Home Price Index, which reported that home prices for the 20-City Home Price Index rose from June's reading of 4.90…
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30
Sep
By Jim Hasek
Market Outlook, ,

Case-Shiller Housing Market Index: Home Prices Rise in July

U.S. home prices rose by 0.10 percent in July according to the S&P Case-Shiller Housing Market Index. San Francisco, California edged past Denver Colorado with a year-over-year price increase of 10.40 percent as compared to Denver's reading of 10.30 percent. All year-over-readings for the 20-City Home Price Index posted gains, but Washington, D.C. showed the lowest year-over0-year growth rate at 1.70 percent. Chicago, Illinois and New York City followed closely with year-over-year readings of 1.80 percent and 1.90 percent respectively. Seasonally-Adjusted Home Prices Fall Although seasonally-adjusted home prices typically rise during the peak home selling season during spring and summer,…
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28
Sep
By Jim Hasek
Market Outlook, , , , ,

What’s Ahead For Mortgage Rates This Week – September 28, 2015

Last week's scheduled economic news included reports on new and existing home sales, the FHFA House Price Index, weekly reports on mortgage rates, and new jobless claims. The week finished with a report on consumer sentiment.Existing Home Sales Fall as New Homes Sales and Home Prices RiseThe National Association of Realtors reported that home sales for pre-owned homes fell in August. Analysts expected sales of existing homes to reach a reading of 5.52 million sales on an annual basis, but the actual reading was 5.31 million existing homes sold as compared to July's reading of 5.58 million pre-owned homes sold.…
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23
Sep
By Jim Hasek
Market Outlook, ,

National Association of REALTORS – Sales of Pre-Owned Homes Dip

Sales of previously owned homes dropped in August by 4.80 percent on an annual basis for the first time in four months; the dip was likely caused by rising home prices. August sales were reported at a rate of 5.31 million; July's rate was 5.58 million sales of previously owned homes. Sales of existing homes have risen 6.20 percent year-over-year; stronger labor markets and low mortgage rates were seen as contributing factors. Although economists expect the Federal Reserve to raise its target federal funds rate before year end, home sales are expected to stay strong through 2016. A Fed rate…
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21
Sep
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – September 21, 2015

Last week's economic releases included several reports related to housing. The Wells Fargo/ NAHB Housing Market Index achieved its highest reading in nearly 10 years. Housing Starts dipped in August and Building Permits issued in August exceeded July expectations. The week's big news was actually no news. The Fed's Federal Open Market Committee decided not to raise interest rates. Fed Chair Janet Yellen followed up on the FOMC statement with a press conference and said that the Fed is not yet ready to raise rates, but that a majority of FOMC members are prepared to raise rates before year-end. Inflation…
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