Mortgage Rates

Last week's economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac's weekly mortgage rates survey. Home Sales Mixed in October According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October's reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales. October sales of preowned homes rose 2 percent over September's reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes…

Last week's economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.   Builder Sentiment Holds Steady, Demand for Homes Pushes Builders November's reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro…

Last week's economic news included readings on job openings, consumer sentiment and the Federal Reserve's monthly survey of senior loan officers. Weekly reports on mortgage rates and new jobless claims were also released. Freddie Mac noted that last week's primary mortgage market survey did not include post-election readings as the survey information was gathered prior to election results. Loan Officers Survey: High Demand for Home Loans, Commercial Lenders Raise Standards As demand for mortgage financing and homes increase, the Federal Reserve reported last week that banks are tightening the screws on commercial lending requirements. This could present challenges to home…

Last week's economic news included reports on inflation, construction spending, the Federal Reserve's announcement regarding interest rates and several labor and employment related releases. Weekly reports on new jobless claims and Freddie Mac's survey of interest rates were also released. Construction Spending Rises, Fed Holds Steady on Interest Rates, Suggests December Increase Construction spending remained in negative territory for September according to the Commerce Department. The month-to-month reading decreased by 0.40 percent against the expected reading of +0.40 percent and August's reading of -0.50 percent. Approaching winter weather is a likely reason for less spending, but ongoing challenges with shortages…