Case-Shiller: June Home Prices Higher

Posted in Uncategorized by Michigan Real Estate Expert on September 1st, 2021

Case-Shiller: June Home Prices HigherS&P Case Shiller Home Price Indices reported new record gains for home prices in June. The National Home Price Index rose by a seasonally-adjusted annual pace of 18.60 percent as compared to May’s home price increase rate of 16.80 percent. Home prices were 41 percent higher than they were during the 2006 housing boom; home price growth was driven by high demand for homes coupled with short supplies of homes for sale.  

20-City Home Price Index Posts Month-to-Month Home Price Gain of 2 Percent

The S&P Case-Shiller 20-City Home Price Index posted a two percent gain in June as compared to May. Home prices rose by 19.10 percent on a seasonally adjusted annual basis in June;  all 20 cities included in the index reported higher home prices. Phoenix, Arizona held first place for home price growth in June with a year-over-year price gain of 29.30 percent. San Diego, California held second place in the 20-City Home Price Index with a year-over-year price gain of 27.10 percent and Seattle Washington followed with year-over-year home price growth of 25.00 percent.

All 20 cities posted higher home price gains in June than in May. Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said: “In June all 20 cities gained more in the 12 months ended in June than they did in the 12 months ended in May.”

Analysts Say Current Home Price Growth is Unsustainable

Rapidly rising home prices sidelined would-be homebuyers who expressed concerns over the fast pace of home sales, and limited choices of available homes. Cash buyers and bidding wars continued to challenge mortgage-dependent homebuyers, but low mortgage rates continued to draw homebuyers into the market.

Covid fueled an exodus from congested urban areas to less populated areas inland. Families who modified their lifestyles to include working from home and homeschooling their children needed larger homes. As workers switched from commuting to work to telecommuting, they were no longer constrained by physical proximity to their employers, but now that businesses and workplaces are reopening, it’s unknown how or if pre-covid housing and work trends will be re-established or if covid era home-based work and schooling options will expand.

In related news, the Federal Housing Finance Agency released data on sales of single-family homes owned or mortgaged by Fannie Mae and Freddie Mac. Home prices rose 17.4 percent from the second quarter of 2020 to the second quarter of 2021.FHFA reported that home prices rose 4.90 percent from the first quarter of 2021 through the second quarter of 2021, and were 1.60 percent higher for June 2021 than in May.

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S&P Case-Schiller Indices Report Record Rise in Home Prices

Posted in Uncategorized by Michigan Real Estate Expert on July 29th, 2021

S&P Case-Schiller Indices Report Record Rise in Home PricesHome prices continued to rise at record rates in May according to S&P Case-Shiller Home Price Indices. National home prices rose by 16.60 percent year-over-year in May as compared to 14.80 percent year-over-year price growth in April. The 10-City Home Price Index reported home prices rose 16.40 percent year-over-year and 1.90 percent month-to-month.

20-City Home Price Index Reports 17 Percent Home Price Growth Year-Over-Year

S&P Case-Shiller’s 20-City Home Price Index reported month-to-month home price growth of two percent in May as year-over-year home price gains rose from April’s reading of 15 percent to 17 percent year-over-year home price growth.

All cities participating in the 20-City Home Price Index reported home price gains in May. Three cities held their positions with top rates of home price growth. Phoenix Arizona held first place with year-over-year home price growth of 25.90 percent; San Diego, California reported 24.70 percent home price growth. Seattle Washington held third place with 23.40 percent year-over-year home price growth in May.

Home Price Growth Expected to Slow as Buyers Drop Out of Market

Craig Lazarra, managing director and global head of index investment strategy at S&P down Jones Indices said he found himself “running out of superlatives to describe the record increases in home prices.” Analysts credited homebuyer relocation from urban areas to less populated suburban and rural areas for driving up prices. The pandemic initially drove this trend and continues to do so today. Other factors pushing home prices higher included high demand for homes exceeding homes available. As millennials reach their prime-home buying years, demand for homes will increase. Low mortgage rates also encouraged would-be home buyers into the housing market.

High demand for homes drives home prices up, but slower sales suggest that buyers are reaching a tipping point with affordability. Fewer buyers will raise the inventory of available homes and cause home prices to fall. First-time and moderate-income buyers continue to face affordability constraints in many areas, but home prices likely won’t fall significantly in the near term.

In related news, the Federal Housing Finance Agency reported similar readings for single-family homes owned or financed by Fannie Mae and Freddie Mac. Home prices rose 1.70 percent from April to May and 18.00 percent year-over-year in May. Readings from FHFA include seasonally-adjusted purchase-only data;  refinance transactions were not included.

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What’s Ahead For Mortgage Rates This Week – October 05, 2015

Posted in Market Outlook by Michigan Real Estate Expert on October 5th, 2015

Whats Ahead For Mortgage Rates This Week October 05 2015Last week’s economic reports included Pending Home Sales, Construction Spending and several reports on jobs and employment. The details:

Pending Home Sales Down as Home Prices Rise

Pending home sales dipped in August, which is consistent with the waning spring and summer peak sales period for homes. Pending home sales were down by -1.40 percent as compared to July’s gain of 0.50 percent. Pending home sales indicate future closings and mortgage loan volume.

Home prices rose in July according to the S&P Case-Shiller Home Price Index, which reported that home prices for the 20-City Home Price Index rose from June’s reading of 4.90 percent in June to 5.00 in July. Higher home prices contribute to falling home sales as fewer buyers can afford to enter the market.

Construction spending increased in August to a reading of 0.70 percent as compared to expectations of 0.60 percent growth and July’s reading of 0.40 percent growth. Builder confidence readings suggest how builders view housing market conditions and can ultimately impact housing supplies and markets.

Mortgage Rates Tick Downward

Freddie Mac reported that the average mortgage rate for a 30-year fixed rate mortgage was one basis point lower at 3.85 percent; the average rate for a 15-year fixed rate mortgage was also one basis point lower at 3.07 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at an average rate of 2.91 percent. Average discount points were mixed at 0.70, 0.60 and 0.50 percent respectively.

New Jobless Claims Rise; Unemployment Rate Holds Steady

New unemployment claims increased to 277,000 against expectations of 271,000 new jobless claims and the prior week’s reading of 267,000 new jobless claims. The national unemployment rate held steady at 5.10 percent, which supports analysts’ preference for using monthly data as opposed to volatile weekly readings for identifying and tracking economic trends.

ADP Payrolls reported 200,000 private sector jobs added in September as compared to August’s reading of 186,000 new private sector jobs added. The Commerce Department reported that Non-farm Payrolls grew by 142,000 jobs in September as compared to expectations of 200,000 new jobs and August’s reading of 136,000 jobs added.

What’s Ahead

This week’s scheduled economic reports include release the minutes of the recent FOMC meeting along with weekly releases of new jobless claims data and Freddie Mac’s mortgage rates.

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National Association of REALTORS – Sales of Pre-Owned Homes Dip

Posted in Market Outlook by Michigan Real Estate Expert on September 23rd, 2015

National Association of REALTORS Sales of PreOwned Homes Dip Sales of previously owned homes dropped in August by 4.80 percent on an annual basis for the first time in four months; the dip was likely caused by rising home prices. August sales were reported at a rate of 5.31 million; July’s rate was 5.58 million sales of previously owned homes.

Sales of existing homes have risen 6.20 percent year-over-year; stronger labor markets and low mortgage rates were seen as contributing factors. Although economists expect the Federal Reserve to raise its target federal funds rate before year end, home sales are expected to stay strong through 2016. A Fed rate hike would mean that lending rates for consumer credit and mortgage loans would increase.

Analysts noted that July sales of pre-owned homes hit a post-recession high and characterized August’s lower reading as a “hiccup.” Month-to-month readings often reflect volatility caused by transitory influences; analysts typically rely on month-to-month rolling averages to track trends in housing markets.

Home Sales Thwarted by Slim Supply of Available Homes

Low inventories of homes for sale are likely keeping sales of previously owned homes from achieving their potential. In August, there were 2.29 million homes on the market, which represents a 5.20 month supply under current market conditions. August’s volume of available homes was 1.70 percent lower than for August 2014.

The national median sale price for a home was $228,700 in August; this represents a year-over-year increase of 4.70 percent.

First-time Buyers Getting Back in the Game

First-time home buyers accounted for 32 percent of existing home sales in August as compared to a normal reading of 40 percent of existing home sales. Investors purchased 12 percent of pre-owned homes sold in August as compared to a post-recession high of 25 percent. Less competition from investors should allow more owner-occupant buyers to purchase homes without being priced out of bidding wars. 

On another positive note, distressed sales of pre-owned homes comprised only 7 percent of sales, this is a strong indication that the tide of post-recession foreclosures is ending. 

FHFA House Price Index Also Shows Higher Home Prices

FHFA, the agency that oversees Fannie Mae and Freddie Mac, reported that home prices of homes associated with mortgages owned or backed by the two government-sponsored entities rose by 0.60 percent in July as compared to June’s reading of 0.20 percent. Home prices were up 5.80 percent year-over-year in July, which is 1.10 percent below the peak index reading of 2007 and was near the November 2006 index reading.

Year-over-year home price readings for the nine census divisions were all positive and ranged from + 2.20 percent in the New England division to +9.40 percent in the Mountain division. Month-to month house prices ranged from -1.20 percent in the New England division to +1.60 percent in the Mountain division.

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Case-Shiller: Home Price Growth Slower in April

Posted in Market Outlook by Michigan Real Estate Expert on July 1st, 2015

Case Shiller Home Prices San Francisco Denver see Double Digit Increases

According to the Case-Shiller 20-City Home Price Index for April, home prices slowed from the March reading of 4.30 percent year-over-year to 4.20 percent year-over-year. David M Blitzer, Chairman of S&P Index Committee, said that home prices are not accelerating and characterized slower home price growth as “sustainable as compared to double-digit appreciation in home prices seen in 2013.”

The disparity between wage increases and home price growth was keeping would-be-buyers on the sidelines; so slower gains in home prices may bring more buyers into the market.

Denver Claims Top Spot for Year-Over-Year Home Price Growth

Denver, Colorado led home price appreciation in April according to Case-Shiller. The mile-high city posted a reading of10.30 percent year-over-year home price growth in April. San Francisco, California followed closely with a reading of 10.00 percent. Miami, Florida rounded out the top three price gains with a reading of 8.80 percent.

The lowest reading for year-over-year home price growth in April was posted by Washington D.C. with a reading of 1.10 percent. This was followed by Cleveland, Ohio with a reading of 1.30 percent and Boston, Massachusetts with a reading of 1.80 percent year-over-year home price growth.

Of the nine cities reporting higher year-over-year price gains, Las Vegas Nevada reported a gain of 6.30 percent in April as compared to a gain of 5.70 percent in March. Las Vegas was one of the hardest-hit housing markets during the recession.

Seattle Tops Month-to-Month Home Price Growth

Month-to-month price gains in April were led by Seattle Washington, which reported a home price gain of 2.30 percent. This reading was followed by San Francisco, California where home prices increased by 2.00 percent from March to April.

Denver rounded out the top three month-to-month price gains with a reading of 1.90 percent. Boston, Massachusetts reported the lowest month-to-month price growth with a reading of 0.30 percent followed by New York City’s reading of 0.50 percent and San Diego, California’s month-to-month gain of 0.60 percent.

In unrelated reports, the Commerce Department reported that pending home sales rose to their highest reading in more than nine years. Pending home sales rose by 10.40 percent year-over-year in May. Pending home sales are seen as a reliable indicator of future closings.

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Case-Shiller: 20-City Home Price Index Hits 6 Month High

Posted in Market Outlook by Michigan Real Estate Expert on April 29th, 2015

Case Shiller 20 City Home Price Index Hits 6 Month HighAccording to the Case-Shiller 20-City Home Price Index for February, month-to-month home prices increased by 0.50 percent from January’s reading and achieved the highest year-over-year gain in six months. Analysts expected February home prices to increase by 4.80 percent. David Blitzer, chairman of the S&P Dow Jones index committee, said that home prices continue to rise and outpace both inflation and wage gains. Although this is great news for homeowners, it also demonstrates the challenge of affordability for home buyers.

Year-Over-Year Home Prices: Denver Leads in Home Price Gains

Home prices in Denver, Colorado increased by 10 percent year-over-year in February; San Francisco, California home prices gained 9.80 percent year-over-year. Miami, Florida home prices gained 9.20 percent year-over-year. Dallas, Texas and Portland, Oregon rounded out the top five cities with the highest year-over-year home price appreciation in February. Home prices in Dallas increased by 8.60 percent, while and Portland’s home prices gained 7.10 percent year-over-year.

February readings for year-over-year home price growth were lowest in Washington, DC at 1.40 percent. Cleveland, Ohio and New York, New York posted year-over-year gains of 2.30 and 2.50 percent respectively. Phoenix, Arizona home prices grew by 2.90 percent and Minneapolis, Minnesota home prices gained 3.10 percent year-over-year.

Chicago, Illinois and Detroit Michigan posted year-over-year gains of 3.40 percent and 3.7- percent. Both cities have shown the smallest gains in prior months but home prices are gaining in year-over-year readings.

San Francisco Tops Month-to-Month Home Price Growth

Price gains from January to February 2015 were led by San Francisco, California with a reading of 2.00 percent. Denver, Colorado home prices gained 1.40 percent; Seattle, Washington home prices gained 0.80 percent, and were followed closely by a gain of 0.80 percent in Los Angeles, California and a tie at 0.70 percent for Portland, Oregon and San Diego, California.

Cites showing negative readings and the lowest month-to-month price gains in February were Boston, Massachusetts at -0.20 percent; Cleveland, Ohio at -0.10 percent. Chicago held steady with 0.00 percent gain and Atlanta, Georgia and Minneapolis, Minnesota posted month-to-month gains of +0.10 percent.

Home prices remained about 16 percent below their 2006 peak at the end of February.

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S&P Case-Shiller: Home Price Growth Slows in 2015

Posted in Market Outlook by Michigan Real Estate Expert on April 1st, 2015

Whats Ahead For Mortgage Rates This Week March 30 2015According to the S&P Case-Shiller Home Price Index report for January, home prices grew by 4.50 percent year-over-year as compared to  January 2014’s  year-over-year  price growth rate of 10.50 percent. This was the lowest rate of home price growth since 2012.

Analysts said that although slower growth in home prices could be good news for home buyers, national wage growth is not keeping pace with home price growth. The Labor Department reports that wages are growing at an annual rate of approximately two percent. Other obstacles to home buyers include strict mortgage standards and likely increases in mortgage rates during 2015.

Highest and Lowest Home Price Growth Rates in January

The S&P Case-Shiller Home Price Index reports that January’s five highest rates of year-over-year home price growth were:

Denver, Colorado – 8.40%
Miami, Florida – 8.30%
Dallas, Texas – 8.10%
San Francisco, California – 7.90%
Portland, Oregon – 7.20%

The five cities with the lowest year-over-year rates of home price growth were:

Chicago, Illinois – 2.50%
Minneapolis, Minnesota – 2.20%
New York, New York – 2.10%
Cleveland, Ohio – 1.60%
Washington, D.C. – 1.30%

No cities included in the 20 city index recorded no or negative growth rates on a year-over-year basis.  David Blitzer, S&P Index Committee Chair, cited growing labor markets, current low mortgage rates, lower fuel prices and low inflation as positive influences on U.S. housing markets.

The Case Shiller 20-City Housing Index report for January was also impacted by severe weather conditions that reduced demand for homes.  The 20-City Index has climbed by 29 percent since reaching March 2012 lows.

Pending Home Sales Rise

In other housing related news, pending home sales indicate that home sales are increasing as the peak spring and summer buying season gets underway. The National Association of Realtors® reported that its pending home sale index reading increased by 3.10 percent to 106.9 in February.

This was the highest reading since June 2013 and was up 12.00 percent over February 2014.  Pending home sales are sales for which a contract has been signed, but the sale has not closed. Pending home sales are considered an indicator of future home sales.

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What’s Ahead For Mortgage Rates This Week – December 1, 2014

Posted in Market Outlook by Michigan Real Estate Expert on December 1st, 2014

What's Ahead For Mortgage Rates This Week December 1 2014Last week’s scheduled economic events were packed into Tuesday and Wednesday, but several housing-related reports were released including the Case-Shiller National and 10-and 20-City Home Price Indices for September, The FHFA House Price Index also for September, and New and Pending Home Sales for October.

Case-Shiller, FHFA Report Slower Growth in Home Prices

According to Case-Shiller home price indices released Tuesday, the national rate of home price growth has slowed from August’s year-over-year reading of 5.60 percent to September’s reading of 4.90 percent. This was the lowest rate of home price growth in two years and was seen by analysts as a positive development in terms of sustainable price growth.

Double-digit percentage gains in home price growth in 2013 and earlier this year drove many would-be home buyers to the sidelines as narrow inventories of homes caused bidding wars in high-demand areas. 20 cities tracked by Case-Shiller had mixed results, with home prices falling in nine cities, rising in nine cities and prices were unchanged in two cities.

FHFA, the Federal Housing Finance Agency and overseer of Fannie Mae and Freddie Mac, reported year-over-year price growth of 4.30 percent in September against August’s reading of 4.80 percent. Lower price gains for September were expected as the prime period of summer sales wound down. FHFA reports on home prices related to mortgages and properties held by Fannie Mae and Freddie Mac.

Pending and New Home Sales Show Mixed Results

The National Association of Realtors® reported that the Pending Home Sales Index dipped to 104.3 in October as compared to September’s reading of 105.1.Lawrence Yun, chief economist for the National Association of Realtors®, said that lagging wage growth and tight mortgage credit conditions were stalling demand for homes. Pending home sales usually close within two months and serve as a gauge for upcoming home sales and mortgage activity. A reading of 100 for the Pending Home Sales Index is equivalent to pending home sales performance in 2001.

Better news came from the Department of Commerce New Home Sales report for October. New home sales achieved a five month high with a reading of 458,000 new homes sold on a seasonally-adjusted annual basis. October’s reading was 0.70 percent higher than September’s reading of 455,000 new homes sold, but missed analysts’ expectations of 469,000 new homes sold. New home sales increased by 1.80 percent year-over-year with regional rates as follows:

  • Midwest: +15.8 percent

  • Northeast +7.1 percent

  • West -2.7 percent

  • South -1.9 percent

The median price of new homes rose to a record high of $305,000 in October. The supply of new homes rose to a 5.60 month supply from September’s reading of a 5.50 month supply of new homes.

Mortgage Rates Fall or Flat, Jobless Claims Rise

Freddie Mac reported that the average rate for a 30-year fixed rate mortgage fell from 3.99 percent to 3.97 percent; the average rates for 15 year mortgages and 5/1 mortgages were unchanged at 3.17 percent and 3.01 percent respectively. Average discount points were unchanged for all loan types at 0.50 percent.

New Jobless Claims rose to 313,000 last week and surpassed 300,000 for the first time in several weeks. Analysts had expected a seasonally-adjusted reading of 288,000 new jobless claims. Analysts said that a rise in claims could indicate a slower pace in hiring, but said that weekly readings are too volatile to indicate a trend. The four-week average of jobless claims was 294,000 new claims, which was near an eight-year low.

What’s Ahead

Next week’s scheduled economic events include Construction Spending, the Fed’s Beige Book Report, Non-Farm Payrolls and the National Unemployment Rate. Freddie Mac’s PMMS report on mortgage rates and Weekly Jobless claims will also be released as usual.

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What’s Ahead For Mortgage Rates This Week – March 31, 2014

Posted in Troy Michigan Real Estate by Michigan Real Estate Expert on March 31st, 2014

What's Ahead For Mortgage Rates This Week March 31,2014

Last week’s economic news includes several reports about housing markets.

The S&P Case-Shiller 10 and 20 city housing market indices, the FHFA House Price Index, New Home Sales and Pending Home sales reports suggest that the national housing market continues to grow, but at lower rates.

Regional readings varied and suggested that winter weather was a negative influence on affected markets.

In a press conference held on March 19 Federal Reserve Chair Janet Yellen said that severe winter weather had interfered with the Fed’s ability to get a clear reading on economic developments.

The Case-Shiller 10 and 20-City Home Price Indices for January showed year-over-year growth of 13.50 and 13.20 percent respectively. The 20-City Home Price Index reported that 12 of 20 cities reported slower rates of home price appreciation.

The 10-City Index ticked upward, but was little changed. The 20-City index posted its third consecutive month-to-month decline in home prices with a reading of -0.10 percent.

Las Vegas, Nevada led cities posting gains with a month-to-month reading of +1.10 percent, but home values remain 45 percent below peak prices achieved in August 2006.

David M. Blitzer, chair of the Index Committee at S&P Dow Jones Indices, noted that home prices were up 23 percent over their lows in 2012.

FHFA Data Reflects Slower Growth in Home Prices

The FHFA House Price Index reports home price trends for sales of homes with mortgages owned or guaranteed by Fannie Mae or Freddie Mac. January’s data reported a year-over-year gain of 7.40 percent, which is approximately 8.0 percent below its peak in April 2007.

Month-to-month home prices varied within the nine U.S. Census regions and ranged from -0.30 percent to +1.30 percent.

FHFA reported that year-over-year, all nine regions reported gains in home prices that ranged from +3.20 percent in the Middle Atlantic region to 14.0 percent home price growth in the Pacific region.

New and Pending Home Sales Slow

According to the U.S. Department of Commerce, February sales of new homes matched projections at 440,000 as compared to January’s revised reading of 455,000 new homes sold, which was a year-over-year high.

New home sales improved by 37 percent in the Midwest, but fell in the Northeast, South and West. This suggests that while winter weather played a role, but that housing markets are cooling in general.

Rising mortgage rates and concerns over new lending standards likely contributed to the drop in sales.

Pending home sales slumped in February according to the National Association of REALTORS®.

February’s index reading of 93.9 as compared to January’ index reading of 94.7 represented the eighth consecutive monthly drop for pending home sales and was the lowest reading since October 2011.

Pending home sales indicate future completed sales. Lawrence Yun, the NAR’s chief economist, noted that home sales delayed by winter weather may be completed this spring.

Mortgage Rates Rise, Jobless Claims Lower Than Predicted

Freddie Mac reported that average mortgage rates rose across the board last week with the rate for a 30-year fixed rate mortgage rising eight basis points to 4.40 percent. 15-year fixed mortgage rates rose 10 basis points to 3.42 percent.

Average rates for a 5/1 adjustable rate mortgage rose from 3.02 percent to 3.08 percent.

Discount points for fixed rate mortgages were unchanged at 0.60 percent and ticked upward from 0.40 to 0.50 percent for 5/1 adjustable rate mortgages.

What’s Coming Up This Week

This week’s scheduled economic news includes Construction Spending for March,  ADP payrolls for March along with Freddie Mac’s PMMS weekly report on mortgage rates and the BLS Non-Farm Payrolls report. 

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What’s Ahead For Mortgage Rates This Week – March 17, 2014

Posted in Troy Michigan Real Estate by Michigan Real Estate Expert on March 17th, 2014

What’s Ahead For Mortgage Rates This Week March 17 2014

Last week’s economic reports provided rays of light as compared to the recent slump in positive economic news.

Unusually severe winter weather conditions affected housing-related indicators as home builders and home buyers stayed on the sidelines.

With spring on the horizon, last week’s economic news showed welcome signs of growth.

Job Openings Up, New Jobless Claims Fall

Employment is a major factor in the decision to buy a home; would-be home buyers received a vote of confidence last week as January’s job openings increased by one million to 40 million as compared to December’s reading of 39 million job openings.

February’s reading will likely reflect a lull in activity due to winter weather conditions in much of the U.S.

Weekly jobless claims fell from 324,000 to 315,000. The Bureau of Labor Statistics reported expectations of 330,000 new jobless claims, so the latest report was good news.

Weekly reports are more volatile than monthly statistics; analysts typically track employment trends by reviewing rolling averages of several weeks’ new jobless claims data.

Mortgage Rates, Retail Sales Rise

Freddie Mac reported that average mortgage rates rose last week. The rate for a 30-year fixed rate mortgage rose by nine basis points to 4.37 percent. 15-year fixed rate mortgages had an average rate of 3.38 percent; this was an increase of six basis points

The average rate for a 5/1 adjustable rate mortgage was 3.09 percent, up from the previous week’s reading of 3.03 percent.

Discount points dipped from 0.70 to 0.60 percent for a 30-year fixed rate mortgage, were unchanged for 15-year and 5/1 adjustable rate mortgages at 0.60 and 0.40 percent.

Retail sales increased for the first time in three months according to the Commerce Department.

February retail sales surpassed expectations of a 0.20 percent gain and came in at 0.30 percent. January figures were downwardly adjusted to -0.60 percent. Retail sales exclusive of automotive sales were also higher at 0.30 percent than expectations of 0.10 percent.

The University of Michigan Consumer Sentiment index for mark was slightly lower at 79.9 than expectations of 80.8.

This was the lowest reading in four months, and was attributed in part to higher gas prices and consumer concerns over developments in Ukraine.

What’s Coming Up

This week’s economic news includes several housing-related reports.

The NAHB Home Builder Index for March, Housing Starts and Building Permits for February, and Existing Home Sales are set for release.

On Wednesday, the Fed’s FOMC statement will be released and Fed Chair Janet Yellen will give a press conference. The Fed is expected to continue its ongoing tapering of quantitative easing.

Leading economic indicators will be released along with the Weekly Jobless Claims report and Freddie Mac’s Primary Mortgage Market Survey.

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