Houston Mortgage Update on Mortgage Rate Movers 09/29/2014

Lots of items last week and this week that will influence Houston mortgage rates. Here is what happened to influence mortgage rates last week:

The Chicago Federal Reserve reported that the National Activity Index was negative in August, suggesting below average growth. The index fell from a positive .26 in July to a negative .21 in August. Manufacturing production was down .4 percent and manufacturing Capacity Utilization also declined. The National Association of Realtors reported that Existing Home Sales fell 1.8 percent in August. Economists expected sales to increase to 5.15 million in August and instead, they fell to 5.05 million.

Commerce Department reported an 18 percent increase in New Home Sales on Wednesday. This is the fastest pace since May of 2008 and the largest one month gain since January of 1992. The median price of a new home increased to $275,000, up 8 percent from last year. August’s supply of new homes fell to 4.8 months from
5.6 months in July. Jobless Claims rose last week by 12,000 to end at 293,000.

This week kicking off today we have lots of financial reports that again will make it a volatile mortgage rate market including Personal Income, Consumer Spending, and Core PCE Price Index:

Teh International Supply Managers Index alont with & Construction spending will also influence Houston mortgage rates this week.

 

 

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