After months of reports of slowing home price momentum and forecasts of a lagging housing market, we are pleased to report an increased volume of existing home sales as reported by the National Association of REALTORS®. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, reported rising prices for homes connected with Fannie Mae and Freddie Mac mortgages. Here are the details. Pedal to the Metal: Existing Home Sales Achieve Fastest Rate in a Year September … Continue reading...
What’s Ahead For Mortgage Rates This Week – July 7, 2014
Last week's economic news was mixed, but economic reports for Non-Farm Payrolls and the National Unemployment rate suggest a strengthening labor sector. Pending Home Sales surpassed expectations in May and conversely, construction spending was lower than expected. Here are the details. Pending Home Sales Reach Highest Level in Eight Months The National Association of REALTORS® reported that pending home sales in May rose by 6.10 percent over April's reading. May's reading was 5.20 percent … Continue reading...
What’s Ahead For Mortgage Rates This Week – June 30, 2014
Last week brought several economic and housing sector reports including Existing Home Sales, Case-Shiller and FHFA home prices for April, as well as New Home Sales. Freddie Mac's weekly mortgage rates survey and the weekly report on new jobless claims were released on Thursday, and Consumer Sentiment for June rounded out the week on Friday. Existing Home Sales Stronger than Expected! Good news came from the National Association of REALTORS® Existing Home Sales report for May, which … Continue reading...
What’s Ahead For Mortgage Rates This Week – May 27, 2014
Last week's economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April's FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released. Federal Reserve Speeches Suggest Concerns Over Monetary Policy Dependence, Low Inflation Here are highlights of comments made by each of the Fed presidents' speeches. Richard Fisher, president of the Dallas Fed, and John Williams, President of … Continue reading...
Existing Home Sales Rise As Home Inventory Shrinks
Home sales rose for the 11th consecutive month according to the National Association of REALTORS® Existing Home Sales Report for January. This is the first time this has occurred since the period between July of 2005 and May of 2006. National Average Home Price Up Over 12% Annually The national average home price in January was $173,600, which is 12.3 percent higher than for January 2012. Calculated on a seasonally-adjusted annual basis, Existing Home Sales data is compiled using … Continue reading...
Existing Homes For Sale At Lowest Point In 11 Years
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years. According to the National Association of REALTORS®, Existing Home Sales for December 2012 fell to a seasonally-adjusted, annualized rate of 4.94 million homes from November's tally of 4.99 million existing homes. The Existing Home Sales report is based on the number of closings for previously-owned, single-family homes, townhomes, condominiums and co-ops. … Continue reading...
Pending Home Sales Index Cruises To Multi-Year High
Home buyers continue to push the U.S. housing market forward. In November, for the second straight month, the Pending Home Sales Index eclipsed its benchmark reading of 100, posting a value of 106.4. The Pending Home Sales Index (PHSI) is published monthly by the National Association of REALTORS®. It tracks homes under contract to sell, but not sold. The PHSI is relative index, comparing current contract activity to the activity of 2001 -- the first year for which "pending homes" were … Continue reading...
What’s Ahead for Mortgage Rates This Week: December 24, 2012
Mortgage markets worsened last week amid ongoing discussions budget and tax conversations in Washington, D.C., and the release of key housing and economic data. Mortgage rates climbed nationwide. Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.37 percent nationwide for borrowers willing to pay an accompanying 0.7 discount points at closing, plus closing costs -- an increase of 0.05 percentage points from the week prior. The average 15-year fixed rate mortgage rate was … Continue reading...