Blog – Page 539 of 790 – First Rate Financial Group

17

May

Mortgage Rates

NAHB: Home Builder Confidence Rises in May

The National Association of Homebuilders reported a two-point increase in builder confidence in May. The NAHB Housing Market Index reading increased from 68 in April to 70, which was the second-highest reading since the economic recovery started. May’s reading exceeded analyst expectations of a flat reading for May. Builder confidence rose as demand for homes continued to rise; this factor overrode builder obstacles including higher prices for lots and ongoing labor shortages. A new tariff on lumber was also expected to dampen builder confidence.

Component Readings Suggest Strong Builder Confidence in Current and Future Housing Markets

The monthly Housing Market Index is comprised of three components. Builder confidence in current housing market conditions rose two points to 76; the reading for builder confidence in market conditions for the next six months rose four points to 79. Builder confidence in buyer traffic in new homes dropped one point to 51, but overall, builder confidence in market conditions is strong as any NAHB Housing Market Index reading over 50 is considered positive.

Fewer Mortgage Applications: Home Buyers Don‘t Share Builder Optimism

According to the Mortgage Bankers Association, mortgage applications dropped 4.30 percent year-over-year in April, and were 20 percent lower than in March. While the Mortgage Bankers Association doesn’t report seasonal adjustments, fewer applications for purchase mortgages on new homes illustrated ongoing affordability challenges faced by first-time and moderate income home buyers.

High demand for available homes puts mortgage-dependent home buyers at a disadvantage when cash offers are in play. Rapid escalation of home prices creates difficulty for first-time and moderate income buyers as down payment and mortgage qualification requirements sideline buyers.

Increasing home builder sentiment has not corresponded to the number of new homes being built, which industry analysts consider the main solution to high demand for homes driven by short inventories of homes. First-time buyers are important to housing markets as they enable “move-up” buyers to sell their homes and buy new or larger homes.

16

May

By support

Around The Home

3 Simple Home Security Upgrades That Will Help to Deter Burglars

3 Simple Home Security Upgrades That Will Help to Deter Burglars Whether you’re going on an extended holiday or are just concerned about security in your neighborhood, you might be curious about the best ways to pursue safety in your home. If you’re wondering how you can successfully stave off theft without a high price tag, here are some tips for protecting your property.

Keep It Clean

It’s often said that one of the first things a burglar will look for when it comes to a prize home is an unkempt property. Fortunately for you, this means that keeping your property clean and tidy is a great way to prevent your home from being targeted. While everything doesn’t need to be spic and span, it’s a good idea to ensure that the lawn is mowed, the trees are well maintained and no tools or toys are hanging out on your yard for days on end. It might seem inconvenient, but it has the double-convenience of keeping your property clean and preventing crime!

Install Motion Activated Lights

It might have seemed like a good trick a few years ago to leave on the lights in the hope of scaring away burglars, but with more sophisticated technology comes more sophisticated methods. While you may want to use timers for your lights so they can go off randomly and give the illusion of you being at home, you may also want to spring for motion-activated lights. There is no 100% guard against crime, but motion-activated lights can work to scare off someone who’s up to no good and illuminate your property for observant neighbors.

Secure Doors and Windows

Locking your doors and closing your windows might seem like the most apparent of security tips, but it actually goes a long way in deterring crime. Burglars are often looking for the easiest target and that means that an unlocked door or a slightly ajar window can go a long way in convincing them of a prospect. Instead of risking it, ensure that your doors are locked and all windows are secured before leaving your home. You may also want to use extra reinforcements if you have sliding windows or French doors.

Protecting your home may seem like it comes at a high premium, but there are very simple and economical ways to keep your home secure.

15

May

By support

Mortgage Rates

What’s Ahead For Mortgage Rates This Week – May 15, 2017

Last week’s economic reports included readings on inflation and core inflation, retail sales and consumer sentiment. Weekly reports on new jobless claims and mortgage rates were also released.

Inflation, Retail Sales Higher in April

April inflation grew by 0.20 percent as expected. Core inflation, which excludes volatile food and energy sectors, increased by 0.10 percent. Analysts expected a reading of 0.20 percent. The Federal Reserve monitors inflation readings as part of its research for monetary policy decisions. The Fed set a benchmark of 2.00 percent annual inflation as an indicator of solid economic recovery. Growing inflation could prompt the Fed to raise interest rates in June.

Retail sales grew in April from 0.10 percent in March to 0.40 percent, but fell short of an expected 0.50 percent increase. Retail sales not including the automotive sector rose by 0.30 percent in April, which was the same growth rate posted in March. Analysts expected a reading of 0.50 percent. Growing retail sales indicates that consumers are more confident about economic conditions.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Freddie Mac reported higher mortgage rates last week. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.05 percent. 15-year fixed rate mortgages had an average rate of 3.29 percent and was two basis points higher than the prior week. The average rate for 5/1 adjustable rate mortgages rose one basis point to 3.14 percent. Discount points averaged 0.50 percent for all three types of mortgages reported.

New jobless claims fell to 236,000 last week as compared to an expected reading of 245,000 new claims and the prior week’s reading of 238,000 new claims. Jobless claims remained below the 300,000 benchmark for the 114^th consecutive week; last week’s reading was the lowest in more than 28 months.

Consumer sentiment ended the week on a positive note with a May index reading of 97.7 as compared to an expected reading of 97.20 and April’s reading of 97.0.

What‘s Ahead

Economic readings scheduled for this week includes reports on the National Association of Home Builders Housing Market Index, Commerce department readings on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims will also be released.