What’s Ahead For Mortgage Rates This Week – December 28, 2015

Market Outlook , , ,
This week's report of economic events is shortened due to the Christmas holiday. Economic news through Wednesday included Existing Home Sales, New Home Sales and Consumer Spending. The details: Existing Home Sales Dip, New Home Sales Rise According to the National Association of Realtors®, sales of previously owned homes dipped from October's seasonally adjusted annual rate of 5.32 million sales to 4.76 million sales of pre-owned homes. This was considerably lower than analysts' expectations of 5.30 million sales. Factors seen as contributing to November's reading included pent-up demand caused by low inventories of available homes and affordability issues emerging as…
Read More

Existing Home Sales Dip More Than Expected

Market Outlook , ,
November sales of pre-owned homes dipped lower than expected and prior month's readings according to the National Association of Realtors® (NAR). Analysts expected existing home sales to slow to a seasonally-adjusted annual rate of 5.30 million sales, which was based on October's reading of 5.32 million sales. Instead, November's reading dropped to 4.76 million sales. November's drop represented a decline of 10.50 percent drop in existing home sales month-to-month; existing home sales were 3.80 percent lower year-over-year. November's reading represented the first time since September 2014 that the year-over-year reading for sales of pre-owned homes was lower than for the…
Read More

Sales of Pre-Owned Homes Hit Second Highest Level in 8 Years

Market Outlook , ,
Housing markets show continued strength as the National Association of Realtors® reported that sales of existing homes reached their second highest level since February 2007. Sales of pre-owned homes increased by 4.70 percent and reached 5.55 million sales on a seasonally adjusted annual basis against analyst expectations of 5.34 million sales and August's reading of 5.30 million sales of previously owned homes. August's reading for existing home sales was revised downward from 5.31 million sales. Economists said that August's lower than expected sales of existing homes may have been influenced by volatility in financial markets and concerns over mortgage rates…
Read More

What’s Ahead For Mortgage Rates This Week – September 28, 2015

Market Outlook , , , , ,
Last week's scheduled economic news included reports on new and existing home sales, the FHFA House Price Index, weekly reports on mortgage rates, and new jobless claims. The week finished with a report on consumer sentiment.Existing Home Sales Fall as New Homes Sales and Home Prices RiseThe National Association of Realtors reported that home sales for pre-owned homes fell in August. Analysts expected sales of existing homes to reach a reading of 5.52 million sales on an annual basis, but the actual reading was 5.31 million existing homes sold as compared to July's reading of 5.58 million pre-owned homes sold.…
Read More

Good News! Existing Home Sales, FHFA Home Prices Increase

Market Outlook , ,
Housing markets show continued signs of strengthening according to reports released on Wednesday. The National Association of Realtors® reported that sales of pre-owned homes rose to 5.49 million in June as compared to May's revised reading of 5.32 million pre-owned homes sold and expected sales estimated at 5.42 million sales. Expectations were based on May's original reading of 5.35 million sales. June's reading was the highest since February of 2007. Readings for existing home sales are calculated on a seasonally adjusted annual basis. Buyers Gain Confidence in Labor Markets, Rush to Beat Rate Hikes Lawrence Yun, chief economist for the…
Read More

Existing Home Sales Dip to Lowest Level since May

Market Outlook , ,
The National Association of Realtors® reported that sales of existing homes dropped to a seasonally-adjusted annual rate of 4.93 million as compared to expectations of a 5.18 million existing homes sold. Projections were based on October's reading of 5.25 million. November's reading showed a 6.10 percent dip in sales of existing homes and was the lowest reading since May.Fed Chair Janet Yellen said last week that the less than robust housing recovery is due in part to tight lending standards. Lawrence Yun, chief economist for the National Association of Realtors®, said that November's reading was likely an aberration due to…
Read More

Good News! Existing Home Sales Up And FHFA Home Prices Rise

Market Outlook , ,
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 sales of previously owned homes reached a seasonally adjusted annual rate of 5.17 million sales against expectations of 5.10 million…
Read More

What’s Ahead For Mortgage Rates This Week – July 7, 2014

Market Outlook , ,
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 lower than for May 2013. The index reading for May reached 103.9 as compared to April's index reading of 97.9. Results for all regions were positive…
Read More

What’s Ahead For Mortgage Rates This Week – July 7, 2014

Market Outlook , ,
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 lower than for May 2013. The index reading for May reached 103.9 as compared to April's index reading of 97.9. Results for all regions were positive…
Read More

What’s Ahead For Mortgage Rates This Week – June 30, 2014

Market Outlook , ,
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 reported 4.89 million previously owned homes sold on a seasonally-adjusted annual basis. Analysts had projected a seasonally-adjusted annual figure of 4.75 million existing…
Read More