Michael Isaacs

Branch Manager • Loan Originator

  • (614) 383-7341
  • About
  • Blog
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Reviews
    • Read or Write Reviews
    • Additional Reviews
  • Contact

What’s Ahead For Mortgage Rates This Week – April 24, 2017

April 24, 2017 by Michael Isaacs

Last week’s economic reports included NAHB Housing Market Index, Commerce Department readings on housing starts and building permits issued. The National Association of Realtors® released data on existing home sales; Freddie Mac released average mortgage rates and new jobless claims were also released.

Builder Sentiment Dips in April, but Remains Strong

The National Association of Home Builders reported that home builder sentiment dipped three points in April to an index reading of 78. Any reading over 50 indicates that more builders are positive about housing market conditions than not. Builders continued to cite concerns including shortages of labor and buildable lots and increasing materials costs.

Builder confidence in housing market conditions do not always reflect building activity. March housing starts were lower at 1.215 million starts on a year-over-year basis. February’s reading was 1.303 million starts; the expected reading for April was 1.238 million starts. Readings for housing starts include single family homes of one to four units and multifamily complexes with five or more units. Single-family housing starts were 6.20 percent lower than in February at a seasonally-adjusted annual rate of 821,000 starts.

While housing starts were lower in March, more building permits were issued in March than in February. 1,260 million permits were issued in March on a seasonally-adjusted annual basis as compared to February’s reading of 1.216 million building permits issued.

Mortgage Rates Fall, Existing Home Sales Up

Mortgage rates fell below three percent according to Freddie Mac. The average rate for a 30-year fixed rate mortgage dropped from 4.08 percent to 3.97 percent; the average rate for a 15-year fixed rate mortgage fell by nine basis point from 3.34 percent to 3.23 percent. The average rate for a 5/1 adjustable rate mortgage was eight basis points lower at 3.10 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for a 5/1 adjustable rate mortgage. Lower mortgage rates are good news for home buyers challenged by rapidly rising home prices based on high demand and low supplies of homes for sale.

Home buyers persisted in March despite higher home prices. Sales of pre-owned homes hit a 10 year high in March as 5.71 million pre-owned homes were sold on a seasonally-adjusted annual basis. As compared to February’s reading of 5.48 million pre-owned homes sold, analysts expected a reading of 5.65 million sales of pre-owned homes in March.

New Jobless Claims Rise

First-time jobless claims were higher last week with a reading of 244,000 new claims as compared to the prior week’s reading of 234,000 new jobless claims. Week-to-week readings for new jobless claims tend to be volatile, but last week’s reading remained well below the benchmark of 300,000 new claims filed.

What‘s Ahead

This week’s economic news includes readings on new and pending home sales, Case-Shiller Home Price Index reports, along with weekly reports on average mortgage rates and new jobless claims.

Filed Under: Mortgage Rates Tagged With: Mortgage Rates

Michael Isaacs

Contact Michael


CEO

NMLS #26591 • AZ License #BK-0904162
Licensed in: AZ, CA, CT, FL, IL, KS, KY, ME, MD, MO, NH, NJ, OH, PA, TN, VA.
Direct/Office: 614.383.7341
michael@gomortgage.com
4215 Worth Avenue, Suite 220, Columbus, OH 43219
RATE QUOTE →
GO Mortgage
Company NMLS #1018

How can I help?


0 / 180

Let’s Connect!

Keep Up to Date with the Latest Mortgage News!

Recent Articles

  • 3 Tips To Consider When Buying A Home With An FHA Mortgage
  • S&P Case-Shiller Home Price Indices: Home Prices Fall In November
  • Is It Worth It to Put More Than 20 Percent Down?
  • What You Need To Know About A Closed-End Second Mortgage
  • What’s Ahead For Mortgage Rates This Week – January 30, 2023
Equal Housing Lender
GO Mortgage, LLC, NMLS ID #1018
For licensing information, go to: www.nmlsconsumeraccess.org

Privacy Policy | Disclosure Information
The content on this website is written by Michael and reflects his opinion, and not the opinion of GO Mortgage.

Our Location


4215 Worth Ave
Columbus, OH 43219

Copyright © 2023 · Powered by MySMARTblog