Mortgage Rates

Last week's economic reports included readings on home prices, pending home sales and construction spending. Weekly reports on mortgage rates and new jobless claims were released along with labor-sector readings on Non-Farm Payrolls, ADP employment and National Unemployment. Case-Shiller: Three Western Cities Hold Top Three Places for Home Price Growth According to Case-Shiller's June edition of its 20-City Home Price Index, the top three spots were again held by Seattle, Washington, Portland Oregon and Dallas, Texas. Seattle home prices outstripped Portland, Oregon with a reading of 13.40 percent home price growth on a seasonally-adjusted annual basis. Portland, Oregon home prices…

Last week's economic news included readings on sales of new and previously-owned homes, Weekly readings on mortgage rates and new jobless claims were also released, along with coverage of Fed Chair Janet Yellen's remarks at a conference in Jackson Hole, Wyoming. Home Sales Lower in July According to the Commerce Department, new home sales fell to a seven-month low in July; 571,000 new homes were sold on a seasonally-adjusted annual basis in July.  This reading fell short of the expected sales rate of 608,000 new home sales and June's reading of 630,000 sales. This was unwelcome news for home builders,…

Last week's economic readings included the National Association of Home Builders Housing Market Index and readings on housing starts and building permits issued. Consumer sentiment for August was reported by the University of Michigan. Weekly reports on mortgage rates and new jobless claims were also released. NAHB: Builder Confidence Jumps 4 Points in August Builder confidence in housing market conditions improved by four index points in August after reaching its lowest reading in eight months in July. Builder confidence rose in consideration of a strong labor market and overall economic growth. Obstacles including labor shortages, rising materials costs and a…

Job Openings, New Jobless Claims Rise Job openings rose in June to 6.20 million as compared to May's reading of 5.70 million job openings. Analysts said that increasing job vacancies show that employers are unable to find qualified workers. Business services, construction, health care and professional job sectors had the most job openings. Slow wage growth could be contributing to widespread job openings. Average wage growth has been running at approximately 2.50 percent, which is lower than the average of 3.50 to 4.00 percent typically seen during economic expansion. First-time jobless claims rose to 244,000 as compared to expectations of…