Construction Spending Increases

Construction Helmets

In labor market news, ADP reports that 235,000 private jobs were created in October versus the 215,000 expected. A rebound was expected after 110,000 was reported in September, which was revised lower from 135,000. September numbers were distorted by hurricanes Harvey and Irma. This is a pretty good headline read and bodes well for Friday’s… [Read More]

Mortgage Rates Remain Low

mortgage rates remain low

Mortgage rates edged higher in the latest week though still remain just above all-time low levels. Freddie Mac reports that the 30-year fixed-rate mortgage rose two basis points to 3.85% this week with an average 0.5 point added on top of the rate. Average commitment rates should be reported along with average fees and points… [Read More]

Home Price Gains Remain Solid

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Home price gains remained solid in August due in part to low mortgage rates and an improving economy. The S&P/Case-Shiller 20-City Home Price Index rose 5.9% year over year, in line with estimates. David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said, “Home price increases appear to… [Read More]

Homebuilder Sentiment Rises

Construction Loan home

Homebuilder sentiment pushed higher in October as builders rebounded from the initial shock of the hurricanes. The NAHB Housing Market Index rose 4 points in October to 68, above the 64 expected and up from 64 in September. The report showed that the component gauging current sales conditions rose 5 points to 75 and the… [Read More]

Mortgage Rates Edge Higher

rates edge higher

Mortgage rates continued to edge higher in the latest week, as reported by the Mortgage Bankers Association. The 30-year conforming mortgage rate ($424,100 or less) rose to 4.16% from 4.12% with an average point of 0.44. Jumbo 30-year rates also rose from 4.09% to 4.11% with 0.31 points. The 30-year fixed FHA was essentially unchanged… [Read More]

Mortgage Rates Edge Higher

Mortgage rates edged higher in the latest week though still remain just above all-time low levels. Freddie Mac reports that the 30-year fixed-rate mortgage rose two basis points to 3.85% this week with an average 0.5 point added on top of the rate. Average commitment rates should be reported along with average fees and points… [Read More]

Homeowners’ Equity Increases

happy-family-w-hands-up-in-front-yard

Freddie Mac released its September Economic & Housing Research Outlook this week revealing that the economic environment remains favorable for the housing and mortgage markets. For several years, Freddie says we have had moderate economic growth of about 2% a year, solid job gains and low mortgage interest rates. Freddie Mac sees those conditions persisting… [Read More]

Mortgage Markets Benefit

Tight inventories of homes for sale continue to fuel higher home prices, reports CoreLogic. The CoreLogic Home Price Insights report showed that prices rose 6.6% from May 2016 to May 2017 and were up 1.2% from April to May. CoreLogic forecasts that home prices will rise by 5.3% from May 2017 to May 2018. “The… [Read More]