Bob Ramalho

Berkshire Hathaway - Verani Realty

  • Home
  • About
  • Video Library
  • Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • Property Search
  • Reviews
  • Blog
  • Contact

Bob Ramalho November 23, 2020

What’s Ahead For Mortgage Rates This Week – November 23, 2020

What's Ahead For Mortgage Rates This Week - November 23, 2020Last week’s economic reporting included readings on housing market conditions, sales of previously owned homes, and housing starts and building permits issued. Weekly reports on mortgage rates and jobless claims were also released.

NAHB: Homebuilder Confidence Hits Record High in November

The National Association of Home Builders reported a fourth consecutive record high for builder confidence as November’s index reading of 90 exceeded October’s reading of 80. Any reading over 50 indicates that most home builders are confident about housing markets.

Component readings for the Housing Market Index also rose. Builder confidence in current market conditions rose six points to 96. Builder confidence in housing market conditions within the next six months rose one point to 89 and builder confidence in buyer traffic in new housing developments increased by three points to an index reading of 77. Readings of 50 or more for buyer traffic were rare until recent months. Factors driving builder confidence include high demand for homes and record low mortgage rates. High demand for single-family homes is rising due to relocation to suburbs and increased demand for larger homes.

Housing Starts Increase as Building Permits Issued Hold Steady

Commerce Department readings for October show that housing starts rose to 1.530 million starts on a seasonally-adjusted annual basis. Analysts expected a pace of 1.490 million housing starts based on 1.459 million starts reported in September. 1.545 million building permits were issued in October, which matched September’s reading.

Mortgage Rates Hit Another Record Low; Jobless Claims Data Mixed

Freddie Mac reported new record low mortgage rates for the fourth consecutive week. Rates for 30-year fixed-rate mortgages averaged 12 basis points lower at 2.72 percent; rates for 15-year fixed-rate mortgages averaged 2.28  percent and were six basis points lower. Rates for 5/1 adjustable rate mortgages dropped by 26 basis points to 2.85 percent on average. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable rate mortgages averaged 0.30 percent.

First-time jobless claims rose to 742,000 claims filed; analysts expected 710,000 claims filed based on the prior week’s reading of 711,000 initial jobless claims filed. Ongoing jobless claims fell to 6.37 million claims filed as compared to 680,000 continuing jobless claims filed in the prior week.

October sales of previously-owned homes rose to 6.85 million sales on a seasonally-adjusted annual basis as compared to September’s reading of 6.80 million sales of previously-owned homes.

What’s Ahead

This week’s scheduled economic reporting includes readings from Case-Shiller Indices on home prices; new home sales will also be released along with the University of Michigan’s report on consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be released.

Filed Under: Financial Reports Tagged With: Economic News, NAHB, Unemployment Claims

Bob

Bob Ramalho


REALTOR ®
Cell: 603-440-3697
Office: 800-392-2377
Email: bob.ramalho@verani.com
NH License #067453
MA License #9550545

Logo
Verani Realty: (800) 392-2377

View My Recommendations

Sign Up For My FREE Newsletter!

Connect with Me!

How can I help?

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

Recent Articles

  • How To Stretch Home Improvement Dollars The Most
  • The Top Ways To Upgrade The Exterior Of The Home On A Budget
  • Buying a New Home in the City? The Pros and Cons of Buying a Home on a Busy Street
  • What’s Ahead For Mortgage Rates This Week – January 19, 2021
  • Tips For Getting A Mortgage Application Approved
  • Three Hot Renovations That Will Boost Your Home’s Value Without Breaking the Bank
©2020 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.®

Looking For Something?

Our Location

Berkshire Hathaway HomeServices Verani Realty
One Verani Way
Londonderry, NH 03053

Return to top of page

Copyright © 2021 Bob Ramalho. All rights reserved.   Log In