What’s Ahead For Mortgage Rates This Week : February 28, 2011
Mortgage rates dropped last week, but, this week, there appears to be more reasons for rates to rise than fall. Plan accordingly.
New Home Sales Crater In January, Opening The Door For Deals With Builders
In its monthly New Home Sales release, the U.S. Department of Commerce showed a 13 percent drop-off in annualized new construction sales between the months of December and January. It’s the biggest one-month drop in New Home Sales since May 2010.
Existing Home Supply Down 40% In Last 6 Months
Home resales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report.
Cost of Living Reaches An All-Time High, Pressures Mortgage Rates Higher
Inflation fears are harming home buyers. The Cost of Living has reached a record level, surpassing the former peak set in July 2008. Mortgage rates would be rising more right now if not for the Middle East unrest.
Fed Minutes Show Lower Unemployment And Higher Growth For 2011 and 2012
The Federal Reserve released its most recent meeting minutes Wednesday. Fed Minutes are the unabridged version of the succinct, more well-known “Fed Statement” that’s released immediately post-adjournment.
Single-Family Housing Starts Fell In January, Despite What The Headlines May Have Told You
Annualized Single-Family Housing Starts dropped 1 percent in January to 413,000 units nationwide, it’s lowest reading almost 2 years. The headlines would have you believe otherwise.
Home Builders Report Higher Sales Levels In January
Homebuilder confidence in the market for newly-built, single family homes appears stable as the spring buying season gets underway.
Retail Sales Rise For 7th Straight Month; Mortgage Rates Worsen
If consumer spending is a keystone element in the U.S. economic recovery, a full-on rebound is likely underway. Retail Sales is higher for 7 straight months and is now at an all-time high.
What’s Ahead For Mortgage Rates This Week : February 14, 2011
According to Freddie Mac, mortgage rates made their largest 1-week jump in more than a year last week, tacking on 0.24 percent and bringing the average national 30-year fixed mortgage rate up to 5.05%. In some markets, rates are even higher.