28
Mar
By Jim Hasek
Financial Reports,

What’s Ahead For Mortgage Rates This Week – March 28, 2016

Increasing Home Prices Good For Sellers The National Association of Realtors (NAR) reported lower sales of pre-owned homes in February. Would-be buyers were discouraged by rapidly rising home prices. Short supplies of available homes sidelined potential buyers as higher home prices and cash buyers squeeze out buyers who need mortgages to buy homes. Multiple offers resulting in bidding wars have also deterred buyers in high demand markets. According to NAR's February report, sales of existing homes fell 7.10 percent to their lowest level since November. NAR has predicted that rapidly rising home prices would eventually damage housing markets. While analysts…
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14
Mar
By Jim Hasek
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – March 14, 2016

Last week's economic news included Fannie Mae's Home Purchase Sentiment Index along with weekly reports on mortgage rates and new jobless claims. The City of Detroit also announced a program to help would-be buyers purchase homes that do not qualify for mortgage loans due to severe damage. Fannie Mae: Home Buyer Sentiment Index Rises Fannie Mae's Home Buyer Sentiment Index (HBSI) gained 1.20 percent for an overall reading of 82.70 percent for February. The index reading is calculated using responses to several questions contained in Fannie Mae's National Housing Survey. HBSI components include consumer responses to questions about whether it's…
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07
Mar
By Jim Hasek
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – March 7, 2016

Week in Review Last week's scheduled economic news included reports on pending home sales, construction spending and several jobs related readings including ADP Payrolls, the government's Non-Farm Payrolls and the national unemployment rate. Mortgage Rates, Weekly Unemployment Claims Rise Mortgage rates rose across the board according to Freddie Mac's weekly report. The average rate for a 30-year fixed rate mortgage rose two basis points to 3.64 percent; the average rate for a 15-year fixed rate mortgage rose by one basis point to 2.94 percent and the average rate for a 5/1 adjustable rate mortgage rose five basis points to 2.84…
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29
Feb
By Jim Hasek
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – February 29, 2016

Last week's economic reports included Existing and New Home Sales and Consumer Confidence along with regularly scheduled weekly reports on mortgage rates and new jobless claims. Sales of Pre-Owned Homes Exceed Expectations January sales of previously owned homes rose to an annual level of 5.47 million sales against expectations of 5.30 million sales and December's reading of 5.45 million sales. Existing home sales rose by 0.40 percent month-to-month, which was the second-highest month-to-month reading since existing home sales were first tracked. Sales of existing homes had a strong showing with sales 11 percent higher year-over-year. Real estate markets continue to…
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22
Feb
By Jim Hasek
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – February 22, 2016

Last week's economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits and minutes of the most recent meeting of the Fed's FOMC meeting. Home Builder Confidence Falls in February According to the National Association of Home Builders (NAHB), home builders had less confidence in market conditions for newly built homes. The reading for February was three points lower at 58 than the upwardly adjusted reading for January. Analysts had expected a reading of 59; any reading over 50 indicates that more builders are confident about conditions than those who are not. Builder…
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16
Mar
By Jim Hasek
Market Outlook, ,

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

Last week's economic reports included job openings, retail sales, retail sales except automotive, consumer sentiment for March and the usual reports on weekly jobless claims and mortgage rates. Job Openings Highest in 14 Years The Labor Department reported that job openings reached their highest level in 14 years in January, and rose by 2.50 percent over December 2014 job openings. On a seasonally adjusted basis, there were five million job openings in January. Job openings rose by 28 percent year-over-year. Hiring rose by 3.50 percent to 5.24 million, but analysts said that employers continue to have difficulty in finding workers…
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