For those of you following mortgage interest rates, we have expanded our rates section and coverage. The tracked loan programs will be as follows: 30-year fixed, 15-year fixed, 30-year high balance, 30-year FHA, 30-year VA, FHA 203k (30 year), USDA (30 year), Manufactured FHA (30 year), Manufactured Conventional (30 year) and Jumbo (30 year). We will be publishing updates on Monday and Thursday of every week, and a once-per-month recap with all kinds of fancy graphs. If you have any suggestions for how to improve our rate coverage further, please email Rylan Stewart – email@example.com.
Rates have began the week mostly unchanged (bust still at record lows). The 30-year fixed sits at 3.250 percent (3.239 percent APR), the 15-year fixed at 2.750 percent (2.734 percent APR) and the 30-year Jumbo loan at 3.875 percent (3.959 percent APR). For a complete rundown of our rates for October 1, see HERE.
As we transition to the news from the September 24 – 28 week, we have another announcement. If you all enjoy our coverage of real estate, mortgage, and economic news, we have taken a step further to make the reader experience streamlined and enjoyable. Check out newly designed “Newsroom” section featuring daily updates and analysis on the Real Estate News, Mortgage News and Economy News pages.
September closed with the three major U.S. indexes in positive territory, despite a (relatively benign) slump to end the month. Spurred by action from the European Central Bank and the Federal Reserve, stocks avoided middling economic data to post notable growth as September progressed, only to drop off the previous week. The Dow finished the month up 344.98 at 13,437.13, and the S&P 500 moved up 34.13 to 1,440.67.
Economic data for the past week showed the mix of positive and negative that has been characteristic of our shaky economy.
Real estate numbers had a busy week, with home prices showing continued growth. The FHFA home price index showed a 0.2 percent monthly gain in July and a 3.7 percent year-over-year bump. The S&P Case-Shiller 20 City home price index moved up 0.4 percent in July and 1.2 percent yearly.
While July prices grew, August sales slowed. New home purchases fell 0.3 percent in August to an annualized rate of 373,000 (700,000 would represent a healthy market). Pending home sales fell 2.3 percent in August.
Manufacturing activity picked up in September, showing sector-wide expansion for the first time since May. Particularly positive, was the fact that an increase in hirings accounted for the positive movement. The second quarter U.S. Gross Domestic Product (GDP) was revised down to 1.3 percent, marking the already bleak measure of U.S. economic output down an additional 0.4 percent.