25
Aug
By
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – Aug 25, 2014

Last week's economic news brought several reports related to housing. The National Association of Home Builders (NAHB) Wells Fargo Housing Market Index for August rose by two points to 55, which was its highest reading in seven months. Components of the NAHB HMI include builder surveys on conditions related to upcoming sales of new homes, which rose by two points for a reading of 65. Builder sentiment concerning present sales conditions also rose by two points to 58. Builder views on prospective buyer traffic rose from 39 to 42. Readings above 50 indicate that more builders viewed housing market conditions…
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18
Aug
By
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – Aug 18, 2014

Last week's economic news brought little housing-related content, but several economic reports in other sectors contributed to overall perceptions of the economy. In a speech given in Sweden, Fed Vice President Stanley Fischer noted that the economy might be in a period of "secular stagnation." This condition is expected to keep interest rates low for longer than expected. A survey of small business owners showed that confidence increased by 0.70 in July. Job openings for June increased from 4.60 million to 4.70 million. Readings for several reports fell shy of expectations and new jobless claims were higher than expected. Economic…
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11
Aug
By
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – Aug 11, 2014

Last week's housing related news was minimal, but a Federal Reserve survey of senior loan officers revealed that although credit standards for commercial and industrial loans as well as credit cards are easing, current mortgage credit standards are more stringent than in 2005. This could be a contributing factor to slowing housing market gains while other sectors of the economy are recovering at a faster pace. Qualified Mortgage Rules Impact Non-Conforming Mortgages The Senior Loan Officers survey also noted that qualified mortgage rules have slowed approval of prime jumbo mortgages and non-traditional home loans. This suggests that applicants falling outside…
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