17
Nov
By Jim Hasek
Chapter 7 Bankruptcy, ,

What’s Ahead For Mortgage Rates This Week – November 17, 2014

Last week's housing related news was lean, with no scheduled reports released other than Freddie Mac's primary mortgage market survey. We'll start with some good news. The University of Michigan / Thompson-Reuters Consumer Sentiment Index reported its highest reading in more than seven years. November's reading of 89.4 surpassed the expected reading of 88.0 and was higher than October's reading of 86.9 Mortgage Rates Near 4.00 Percent, Weekly Jobless Claims Up Freddie Mac reported a one-basis point drop in the average rate for 30-year fixed rate mortgage from 4.02 percent to 4.01 percent; the average rate for a 15-year fixed…
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10
Nov
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – November 10, 2014

Last week's economic reports contained mixed reports indicating that the economy continues to recover with occasional "blips" in its progress. Construction spending was lower than expected. A Federal Reserve survey of senior loan officers indicated that credit standards remain strict for mortgages and other types of lending. According to the survey, a "modest net fraction" of large banks had eased credit standards for prime mortgage lending. First-Time Homebuyers Struggle as Market Share Hits 27-Year Low The National Association of REALTORS® (NAR) reported that first-time buyers' share of home purchases has slipped to 33 percent, which was its lowest level in…
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03
Nov
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – November 3, 2014

Last week's economic news brought mixed developments as pending home sales moved to their second highest level of 2014. The Federal Open Market Committee (FOMC) announced the expected end of asset purchases under its quantitative easing program. In its post-meeting statement, the committee noted improvements in overall economic conditions labor markets as indications of better than expected economic trends. The Case-Shiller Home Price Index reports for August showed continued slowing in housing price gains. Mortgage rates were higher, but consumer confidence exceeded expectations. Pending Home Sales Rise, Case-Shiller Reports Slower Price Gains The National Association of REALTORS® reported that pending…
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30
Oct
By Jim Hasek
Market Outlook, ,

Case-Shiller 20 City Home Price Index And FOMC QE Update

According to the S&P Case-Shiller 20 City Home Price Index, Home prices rose by 0.20 percent in August. Three of the 20 cities tracked saw home prices drop, while Detroit, Michigan posted the highest price growth. The seasonally adjusted growth rate for cities tracked declined by 0.10 percent as compared to a decline of 0.10 percent in July. Detroit led monthly home price growth with a gain of 0.80 percent. Dallas, Denver, Colorado and Las Vegas, Nevada posted gains of 9.50 percent as compared to July. Cities posting declines in home price growth included San Francisco at -0.40 percent, Charlotte,…
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24
Oct
By Jim Hasek
Market Outlook, ,

Good News! Existing Home Sales Up And FHFA Home Prices Rise

After months of reports of slowing home price momentum and forecasts of a lagging housing market, we are pleased to report an increased volume of existing home sales as reported by the National Association of REALTORS®. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, reported rising prices for homes connected with Fannie Mae and Freddie Mac mortgages. Here are the details. Pedal to the Metal: Existing Home Sales Achieve Fastest Rate in a Year September sales of previously owned homes reached a seasonally adjusted annual rate of 5.17 million sales against expectations of 5.10 million…
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20
Oct
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – October 20, 2014

Last week's economic highlights included the National Association of Home Builders (NAHB) Housing Market Index for October. The Commerce Department also released Housing Starts for September. Freddie Mac reported that the average rate for a 30-year fixed rate mortgage dropped below four percent. The Fed released its Beige Book report, and Weekly jobless claims came in lower than expected. Here are the details: Homebuilder Confidence Slips in Spite of Lower Mortgage Rates U.S. Homebuilder confidence in housing market conditions slipped by 5 points to October's reading of 54 as compared to September's reading; this was also lower than the expected…
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