Mortgage Rates

Last week's economic news was plentiful with releases on Case-Shiller Home Price Indices and pending home sales. Readings on government and private sector jobs created, the national unemployment rate and weekly readings on new jobless claims and Freddie Mac's mortgage rates survey were also released. Case-Shiller: Western Cities Dominate Home Price Growth Case-Shiller's 20-City Home Price Index reported that Seattle Washington topped year-over-year home price growth with an increase of 11.00 percent. Portland, Oregon followed closely with a reading of 10.90 percent, and Denver Colorado held third place with year-over-year home price gains of 8.70 percent. San Francisco, California, which…

Last week's economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac's weekly mortgage rates survey. Home Sales Mixed in October According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October's reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales. October sales of preowned homes rose 2 percent over September's reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes…

Last week's economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.   Builder Sentiment Holds Steady, Demand for Homes Pushes Builders November's reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro…