30
Nov
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – November 30, 2015

Although last week's economic calendar was cut short by the Thanksgiving holiday, several housing-related reports were released. The FHFA reported on third quarter results for its Housing Market Index and the Commerce Department reported on new home sales for October. Freddie Mac released its weekly report on mortgage rates and data on new weekly jobless claims was also released. FHFA, Commerce Department report Gains for Home Prices, New Home Sales Home prices for mortgages associated with mortgages owned or backed by Fannie Mae and Freddie Mac increased 1.30 percent during the quarter ended September 30. This was the 17th consecutive…
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24
Nov
By Jim Hasek
Market Outlook, ,

Existing Home Sales Fall More Than Expected

Sales of previously owned homes reached 5.36 million sales on a seasonally adjusted annual basis and fell by 3.40 percent in October according to the National Association of Realtors®. Rising home prices and a shortage of available homes strained housing markets. Concerns over potentially higher mortgage rates may have sidelined home buyers as concerns over an anticipated rate hike by the Federal Reserve persisted. Many analysts expect the Federal Reserve to raise rates at its December meeting of the Federal Open Market Committee, which oversees the Fed's monetary policy. Raising the target federal funds rate would cause consumer interest rates…
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16
Nov
By Jim Hasek
Market Outlook, , , ,

What’s Ahead For Mortgage Rates This Week – November 16, 2015

Last week's scheduled economic news was sparse due to no scheduled releases on Monday and the Veterans Day Holiday on Wednesday. A report on job openings was released on Thursday along with regularly scheduled weekly reports on jobless claims and Freddie Mac's report on mortgage rates. Mortgage Rates, Weekly Jobless Claims Rise Mortgage rates rose last week according to Freddie Mac. The average rate for a 30-year fixed rate mortgage rose to 3.98 percent from last week's reading of 3.87 percent. The average rate for a 15-year fixed rate mortgage rose to 3.20 percent from the prior week's reading of…
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02
Nov
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – November 2, 2015

A number of economic reports released last week indicate mixed economic progress. The 20-City Home Price Index released by S&P Case Shiller showed that August home prices rose, but New Home Sales dropped in September. The Federal Open Market Committee of the Federal Reserve indicated that it may reserve the target federal funds range at its next meeting in December. Case-Shiller Reports Higher Home Prices in August August's 20-City Home Price Index issued by S&P Case Shiller showed that average home prices rose in 18 of 20 cities with Denver, Colorado and San Francisco, California posting year-over-year increases of 10.70…
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26
Oct
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – October 26, 2015

Last week's economic news included the National Association of Home Builders Index, Housing Starts and FHFA's report on August home sales. The National Association of Realtors® released its monthly report on sales of previously owned homes. Builder Confidence and Housing Starts Post Gains The Wells Fargo National Association of Home Builders Housing Market Index for September posted its highest level of builder confidence in 10 years a higher than expected results with a reading of 64 for October. Analysts expected a reading of 62 based on September's reading of 61. The NAHB Wells Fargo Housing Market Index reading is based…
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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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