Status: Mortgage & Housing
Mortgage:
The average rate for a 30-year fixed-rate mortgage rose to 4.53% in the week that ended Jan. 2, reaching the highest rate since September, from 4.48% in the prior week, according to a Thursday report from federally controlled mortgage buyer Freddie Mac.
"Mortgage rates edged up to begin the year on signs of a stronger economic recovery," said Frank Nothaft, Freddie's chief economist. A year ago, the 30-year rate was at 3.34%.
The average rate for the 15-year fixed-rate mortgage increased to 3.55% in the latest week from 3.52% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 3.05% from 3.00%. The rate for a 1-year Treasury-indexed ARM was unchanged at 2.56%.
Housing:
Sales of new homes are expected to rise faster than sales of existing homes, which make up a larger share of the market. According to the National Association of Home Builders, a trade association, sales of new single-family homes are expected to hit 607,000 in 2014, compared with an annualized rate of 464,000 in November. If sales of new single-family homes rise above 600,000 next year, the rate would remain below an average of more than 1 million over the five years leading up to a 2005 peak, government data show.
Meanwhile, sales of existing homes should hit about 5.14 million in 2014, up from an annualized rate of 4.9 million in November, according to the National Association of Realtors . Existing-home sales averaged a bit more than a rate of 6 million over the five years leading up to 2005’s peak.
The average rate for a 30-year fixed-rate mortgage rose to 4.53% in the week that ended Jan. 2, reaching the highest rate since September, from 4.48% in the prior week, according to a Thursday report from federally controlled mortgage buyer Freddie Mac.
"Mortgage rates edged up to begin the year on signs of a stronger economic recovery," said Frank Nothaft, Freddie's chief economist. A year ago, the 30-year rate was at 3.34%.
The average rate for the 15-year fixed-rate mortgage increased to 3.55% in the latest week from 3.52% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 3.05% from 3.00%. The rate for a 1-year Treasury-indexed ARM was unchanged at 2.56%.
Housing:
Sales of new homes are expected to rise faster than sales of existing homes, which make up a larger share of the market. According to the National Association of Home Builders, a trade association, sales of new single-family homes are expected to hit 607,000 in 2014, compared with an annualized rate of 464,000 in November. If sales of new single-family homes rise above 600,000 next year, the rate would remain below an average of more than 1 million over the five years leading up to a 2005 peak, government data show.
Meanwhile, sales of existing homes should hit about 5.14 million in 2014, up from an annualized rate of 4.9 million in November, according to the National Association of Realtors . Existing-home sales averaged a bit more than a rate of 6 million over the five years leading up to 2005’s peak.
Labels: mortgage, Real Estate
posted by Quark @ 10:07 AM
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