Whites House Team

  • Home
  • About Us
  • Blog
  • Our Listings
  • Buyer/Seller Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • CIPS
  • Contact Us

What’s Ahead For Mortgage Rates This Week – May 28th, 2019

May 28, 2019 by Linda White

What’s Ahead For Mortgage Rates This Week – May 28th, 2019Last week’s economic news included readings on sales of new and pre-owned homes; weekly readings on mortgage rates and first-time jobless claims were also released.

Sales of New and Pre-Owned Homes Lower in April

Sales of brand-new homes fell nearly seven percent in April according to Commerce Department reports. Analysts noted that March sales of new homes were revised upward, which contributed to the difference between March and April readings. 673,000 new homes were sold in April on a seasonally adjusted annual basis. Analysts expected a reading of 670,000 sale of new homes; this reading was based on the initial March reading which was later revised upward to 723,000 sales.

Factors impacting new home sales include affordability, strict mortgage qualification requirements and new homes being built for higher-end markets. The average sale price for new homes was eight percent higher year-over-year at $342,20.

Year-to-date sales of new homes were 6.70 percent higher in April than for the same period in 2018. Inventories of homes for sale was reported at 5.9 months. Real estate pros typically consider a six-month supply of available homes as an indicator of average market conditions.

Sales of previously-owned homes were lower in April. 5.19 million existing homes were sold on a seasonally adjusted annual basis; this reading fell short of expectations of 5.35 million sales and the sales rate of 5.21 million sales of pre-owned homes reported in March. Sales were lower for pre-owned homes for the second consecutive month in April.

Sales of pre-owned homes were 0.40 percent lower month-to-month and were 4.40 percent lower year-over-year. First-time and moderate income home buyers are attracted to lower asking prices for previously-owned homes; declining sales suggest that prices of pre-owned homes have risen beyond affordability for buyers with moderate incomes and less-than perfect credit ratings.

Mortgage Rates, New Jobless Claims Fall

Freddie Mac reported lower average mortgage rates for fixed-rate mortgages last week. The average rate for a 30-year fixed rate mortgage was one basis point lower at 4.06 percent. Rates for 15-year fixed rate mortgages averaged two basis points lower at 3.51 percent. 

Rates for 5/1 adjustable rate mortgages were two basis points higher and averaged 3.68 percent. Discount points averaged 0.50 percent for 30-year fixed rate mortgages and 0.40 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

Initial jobless claims fell to 211,000 new claims filed as compared to the prior week’s reading of 0f 212,000 claims filed. Analysts expected a higher reading of 217,000 new jobless claims filed.

What‘s Ahead

This week’s scheduled economic reporting includes readings from Case-Shiller on home prices; pending home sales will also be released along with weekly readings on mortgage rates and new jobless claims.

Filed Under: Financial Reports Tagged With: Financial Reports, Interest Rates, Mortgage Rates

Linda White - Knapp Realty

Linda White

Call (702) 301-0648
NV - BS.0143690

Robert J White

NV - S.0056824

Knapp Realty
Search for Homes →

Questions about Short Sales?

What's my home worth?

Property Search

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Connect with Us!

Hablamos Español!


日本語でどうぞ!

Categories

Equal Housing Opp

Looking For Something?

Quick Links

  • About Us
  • Accessibility Statement
  • Blog
  • Contact Us

Our Location

Linda & Robert White
Whites House Team at Knapp Realty


39 E Basic Rd.
Henderson, NV 89015


Direct (702) 301-0647 Cell (702) 301-0648 Fax 855-975-3237

Copyright © 2023 · Powered by MySMARTblog