Lisa Eagan

Leagan Realty, Scottsdale Arizona

  • About Us
    • Lisa Eagan
    • Gary Eagan
    • Accessibility Statement
  • Resources
    • Investment Properties
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • Blog
  • Home Search
  • Reviews
    • Reviews
  • Contact Us

What’s Ahead For Mortgage Rates This Week – April 25, 2022

April 25, 2022 by Lisa Eagan

What's Ahead For Mortgage Rates This Week - April 25, 2022Last week’s economic reporting included the National Association of Home Builders Housing Market Index, government readings on housing starts and building permits, and data on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims were also released.

NAHB: Builder Confidence in Housing Market Conditions Slips by Two Points

Homebuilder confidence fell by two points to an index reading of 77 in April and was the lowest reading since September. Analysts expected this dip as mortgage rates and building materials costs continued to rise. Index readings over 50 indicate that most builders have positive views of housing market conditions. Index readings haven’t fallen below 50 since the beginning of the pandemic in April and May of 2020.

Robert Dietz, the chief economist for the NAHB, said: “The housing market faces an inflection point as an unexpectedly quick rise in interest rates, rising home prices, and escalating materials costs have significantly decreased housing affordability conditions, particularly in the crucial entry-level market.”

Analysts viewed the combined impact of rising home prices and mortgage rates as obstacles to affordability that would disproportionately affect first-time and moderate-income homebuyers.

Building permits held steady in March with 1.87 million permits issued at a seasonally-adjusted annual pace; analysts expected a reading of 1.82 million building permits issued. Likewise, housing starts were unchanged in March from February’s seasonally-adjusted annual pace of 1.79 million housing starts. Analysts predicted a reading of 1.73 million housing starts.

The National Association of Realtors® reported a slower pace of sales for previously-owned homes in March.5.77 million pre-owned homes were sold on a seasonally-adjusted annual pace as compared to a seasonally adjusted annual pace of 5.93 million previously-owned homes sold in February. Rising mortgage rates and home prices sidelined some first-time and moderate-income buyers and caused sales of previously-owned homes to fall.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported that the average rate for 30-year fixed-rate mortgages surpassed five percent last week at 5.11 percent. The average rate for 15-year fixed-rate mortgages rose by 21 basis points to 4.38 percent. Rates for 5/1 adjustable rate mortgages rose by six basis points on average to 3.75 percent. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Initial jobless claims fell last week with 184,000 first-time claims filed as compared to 186,000 initial claims filed in the previous week. Continuing jobless claims were also lower with 1.42 million claims filed last week as compared to the prior week’s reading of 1.45 million continuing jobless claims filed. 

What’s Ahead

This week’s scheduled economic reports include readings on home prices, new and pending home sales, and reports on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published. 

Lisa Eagan

Shop the “Real Time MLS 24/7” www.LeaganRealty.com Call/Text at 480-766-2115 #scottsdalerealestate #scottsdalehomesforsale #phoenixrealestate #phoenixhomesforsale 

Filed Under: Financial Reports Tagged With: Case Shiller, Financial Report, Jobless Claims

Contact Lisa and Gary Eagan

Owners/Brokers

Lisa & Gary Eagan

How can we help?

Connect With Us

Article Categories

Quick Links

  • Schedule an Appointment
  • Accessibility Statement
  • Privacy Policy
  • Contact Us

Recent News

  • Case-Shiller: Home Price Growth Slows in April
  • DIY Home Upgrades: 5 Reasons Why Hardwood Flooring Should Be on Your Renovation List
  • The Majority Of Millennials Plan On Buying A House In The Next Few Years
  • First-time Home Buyers: Why Splurging for a Larger Home Beats Condo Living

Leagan Realty

12862 East Summit Drive
Scottsdale, Arizona 85259
Phone: 480.766.2115
Fax: 888.422.9951

Email: lisaeagan@leaganrealty.com
equal housing opp

Copyright © 2022 · Powered by MySMARTblog