2/26/10 Mortgage Market Week-in-Review
March 02, 2010
What Did Interest Rates Do Last Week?
** based on Freddie Mac weekly average survey **
30-yr Fixed - Higher
Last Week: 5.05%
Previous Week: 4.93%
1yr Ago: 5.07%
15-yr Fixed - Higher
Last Week: 4.40%
Previous Week: 4.33%
1yr Ago: 4.68%
Jumbo Fixed (Average 30-yr Fixed)
Last Week: 5.50%
Previous Week: 5.75%
Highlight of Last Week's Major Economic Reports
The momentum we've recently seen in the housing market came to a halt (we hope a temporary one) last month with sales of New Homes dropping to a new annualized low of 309,000. Existing Home Sales didn't fare any better, posting a drop of 5.05 million annualized rate. We're hopeful this slump was caused by the severe weather that hit many parts of the country, causing would-be homebuyers to stay indoors for the time-being.
To cap off the week, Federal Reserve Chairman Ben Bernanke testified before Congress for his semi-annual report on the state of the economy. He reiterated that interest rates will remain low "for awhile" and that the economy is still in a "fragile" state. For the near future, this should bode well for the state of interest rates (including mortgage rates).
What to Look for This Week
The all-important employment report for February will highlight the economic calendar for the week. Of course, as the job market improves, so will consumer sentiment and the housing market. Keep your fingers crossed!
Short-Term Rate Outlook
Possibly Lower
Stay Informed: What's in the News
"Facebook May Open 200-Person Austin Office" from Austin Business Journal
http://austin.bizjournals.com/austin/stories/2010/02/22/daily44.html?ed=2010-02-25&ana=e_du_pub
"Texas's Existing Home Sales Down in January" from Texas A&M Real Estate Center
A total of 10,217 existing single-family homes were sold in Texas last month, a 5 percent drop from January 2009, according to MLS data compiled by the Real Estate Center at Texas A&M University.
The median price was up 4 percent to $137,100 during the same period, and the state finished the month with a 6.5-month inventory of existing homes.
** based on Freddie Mac weekly average survey **
30-yr Fixed - Higher
Last Week: 5.05%
Previous Week: 4.93%
1yr Ago: 5.07%
15-yr Fixed - Higher
Last Week: 4.40%
Previous Week: 4.33%
1yr Ago: 4.68%
Jumbo Fixed (Average 30-yr Fixed)
Last Week: 5.50%
Previous Week: 5.75%
Highlight of Last Week's Major Economic Reports
The momentum we've recently seen in the housing market came to a halt (we hope a temporary one) last month with sales of New Homes dropping to a new annualized low of 309,000. Existing Home Sales didn't fare any better, posting a drop of 5.05 million annualized rate. We're hopeful this slump was caused by the severe weather that hit many parts of the country, causing would-be homebuyers to stay indoors for the time-being.
To cap off the week, Federal Reserve Chairman Ben Bernanke testified before Congress for his semi-annual report on the state of the economy. He reiterated that interest rates will remain low "for awhile" and that the economy is still in a "fragile" state. For the near future, this should bode well for the state of interest rates (including mortgage rates).
What to Look for This Week
The all-important employment report for February will highlight the economic calendar for the week. Of course, as the job market improves, so will consumer sentiment and the housing market. Keep your fingers crossed!
Short-Term Rate Outlook
Possibly Lower
Stay Informed: What's in the News
"Facebook May Open 200-Person Austin Office" from Austin Business Journal
http://austin.bizjournals.com/austin/stories/2010/02/22/daily44.html?ed=2010-02-25&ana=e_du_pub
"Texas's Existing Home Sales Down in January" from Texas A&M Real Estate Center
A total of 10,217 existing single-family homes were sold in Texas last month, a 5 percent drop from January 2009, according to MLS data compiled by the Real Estate Center at Texas A&M University.
The median price was up 4 percent to $137,100 during the same period, and the state finished the month with a 6.5-month inventory of existing homes.