Last week's economic reports included readings on builder confidence, housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims were also released. NAHB: Builder Confidence Drops by One Point The National Association of Home Builders reported that builder confidence dipped by one point in April to an index reading of 69. While any reading over 50 indicates positive builder sentiment, NAHB noted that builder sentiment has decreased for the past four months. During the housing bubble of 2004 and 2005, builder confidence in market conditions averaged 68, … [Read more...]
Post-Fiscal Cliff, Mortgage Markets Turn Attention To Jobs Data
Mortgage rates moved higher Wednesday up congressional leaders voted to avoid the "Fiscal Cliff". Mortgage-backed securities (MBS) fell as investors bid up stock prices. Confidence among investors and consumers typically causes mortgage rates to rise. That's what happened Wednesday. For Thursday and Friday, expect jobs data to dictate where Phoenix mortgage rates are headed. The Federal Reserve has said that the national Unemployment Rate will dictate future monetary policy, with the central banker planning to raise the Fed Funds Rate from its target range near zero percent once joblessness … [Read more...]
October Jobs Report Blows Away Estimates; Mortgage Rates Falling
Another month, another good showing for the U.S. economy. Mortgage rates are performing surprisingly well after Friday's release of the October 2012 Non-Farm Payrolls report. The Bureau of Labor Statistics' monthly report beat Wall Street expectations, while also showing a giant revision to the previously-released job tallies of August and September. 171,000 net new jobs were created last month against calls for 125,000 and revisions for the two months prior totalled 84,000. October also marked the 25th consecutive month of U.S. job growth -- a period during which 3.8 million jobs have been … [Read more...]
