Mortgage Rates

Last week's economic readings included reports on inflation and core inflation, the National Association of Home Builders Association Housing Market Index and Federal Reserve FOMC statement and press conference by Fed Chair Janet Yellen. The Commerce Department released reports on housing starts and building permits issued. Home Builder Confidence, Housing Starts Rise The National Association of Home Builders Housing Market Index for March rose by six points to an index reading of 71. Builders said that subsequent readings may ease as builders continue to face shortages of lots and labor. The President said that he would work to reduce regulations…

Last week's economic readings included reports on construction spending, Case-Shiller Home Price Indices and pending home sales. Fed Chair Janet Yellen said in a speech that federal interest rates would "likely" be raised. Weekly reports on new jobless claims and mortgage rates were also released. Pending Home Sales Slump as Available Homes Dwindle Pending Home sales fell in January as inventories of available homes declined. Prospective buyers faced with fewer choices may have chosen to wait rather than purchase homes that weren't a good match for their needs. Analysts expected pending home sales to grow by 1.10 percent in January,…

Last week's economic readings included reports on construction spending, Case-Shiller Home Price Indices and pending home sales. Fed Chair Janet Yellen said in a speech that federal interest rates would "likely" be raised. Weekly reports on new jobless claims and mortgage rates were also released. Pending Home Sales Slump as Available Homes Dwindle Pending Home sales fell in January as inventories of available homes declined. Prospective buyers faced with fewer choices may have chosen to wait rather than purchase homes that weren't a good match for their needs. Analysts expected pending home sales to grow by 1.10 percent in January,…

Last week's readings on new and existing home sales provided further evidence of strengthening housing markets. Both categories of home sales exceeded December's readings. Consumer sentiment was lower in February than for January and average rates were mixed with fixed rates higher and the rate for 5/1 adjustable rate mortgages lower. Consumer sentiment lower in February. New and Previously-owned Home Sales Higher in January Home sales volume rose in January regardless of obstacles including higher mortgage rates and rising home prices. The National Association of Realtors® reported more sales of pre-owned homes in January. 5.69 million homes were sold on…