Last week's weeks economic releases included readings on the NAHB Housing Market Index, housing starts and building permits issued and consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released. NAHB: Builder Confidence in Housing Market Holds Steady in February The National Association of Home builders reported an index reading of 72 for its Housing Market Index in February. January's reading was also 72; readings over 50 indicates that more builders than fewer are confident about housing market conditions. Three readings comprising the overall NAHB HMI … [Read more...]
What’s Ahead For Mortgage Rates This Week: February 11th, 2013
Mortgage rates worsened last week in response to more indications that the U.S. economy and global economic trends are improving. Global economic data was stronger than expected; which generally boosts investor confidence and leads to higher mortgage rates in Arizona and across the country. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage was 3.53 percent with borrowers paying all of their closing costs and 0.8 percent in discount points along with a full complement of closing costs. The U.S Department of Commerce reported that Factory Orders for December improved … [Read more...]
Single-Family Housing Starts Remain Strong
The market for newly-built homes remains strong. As reported by the U.S. Census Bureau, July featured 502,000 single-family housing starts nationwide on a seasonally-adjusted, annualized basis, marking the fourth straight month during which single-family starts posted north of one-half million. The last time this milestone occurred was in the four months ending April 2010 -- the last month of that year's federal home buyer tax credit. A "housing start" is a home on which construction has started and the rise in single-family housing starts is yet one more signal to buyers in Phoenix and … [Read more...]
