Last week’s economic reporting included readings on housing starts and building permits issued, the National Association of Home Builders Housing Market Index, and Fed Chair Janet Yellen’s Senate testimony. The Commerce Department reported on housing starts and building permits issued published, and a monthly reading on consumer sentiment was published. Weekly reports on mortgage rates and jobless claims were also released.
Two bank failures instill fear in depositors
In the aftermath of two bank failures last week, US Treasury Secretary Janet Yellen said that “the banking system is sound” during testimony to the US Senate last Thursday. When asked if federal protection could be extended to deposit accounts exceeding $250,000, Secretary Yellen replied that such action would “require approval from super majorities of the Boards of the Federal Reserve, the FDIC.and consultation between the Treasury Secretary and the president to determine that failure to protect uninsured depositors would create system risk and significant economic and financial consequences.”
NAHB: home builder confidence in US housing market improves
The National Association of Home Builders reported that its Housing Market Index for March increased by two points to an index reading of 44. Home builders expected a reading of 40 and the February HMI reading was 42. Readings below 50 indicate that most home builders surveyed were not confident about current housing market conditions.
The Commerce Department reported that housing starts exceeded expectations in February with 1.45 million starts reported as compared to the expected reading of 1.31 million starts and January’s reading of 1.32 million starts. Building permits issued also rose in February with 1.52 million permits issued as compared to expectations of 1.34 million permits issued and January’s reading of 1.34 million building permits issued.
Mortgage rates, jobless claims fall
Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by 13 basis points to 6.60 percent. Rates for 15-year fixed-rate mortgages fell by five basis points to an average rate of 5.90 percent.
Initial jobless claims were also lower with 192,000 first-time claims filed as compared to the prior week’s reading of 212,000 claims filed. 1.68 million continuing jobless claims were filed as compared to 1.71 million ongoing claims filed in the previous week.
What’s ahead
This week’s scheduled economic reporting includes readings on sales of new and previously-owned homes, the post-meeting statement from the Federal Open Market Committee, and Federal Reserve Chair Jerome Powell’s post-meeting press conference. Weekly readings on mortgage rates and jobless claims will also be published.
Rules and covenants of a homeowners association can be a bit overwhelming, especially for a first time homeowner. Understanding that the regulations are designed to protect the value of your home helps make some restrictions easier to live with.
Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting. Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer.
If you are interested in purchasing a rental property, you might want a short-term rental that you can use as a vacation home. This can be a great way to generate some additional income, and you might be able to make thousands of dollars every week if you purchase a property in the right location. On the other hand, there are several important factors you need to consider before you purchase a rental property. 
If you are in the process of buying a new home, you know that there are a lot of moving parts involved. You need to know everything you can about a potential house before you decide to purchase it, and that includes the property lines. What do you need to know about property lines, and why are they so important?
If you are thinking about building your own home, you might be wondering how construction loans work. There are plenty of options available, but one of the most popular choices is a single-close construction loan. This type of loan allows you to close on not only the construction expenses but also your financing costs at the same time. Essentially, a single-close construction loan will convert into your mortgage after the construction on your home is finished. What are some of the top benefits of this type of loan?
Even though interest rates have gone up significantly during the past few months, there are still opportunities for you to find a home at a great price. The high interest rate can be discouraging for some people, but as long as you know how to navigate the market, you can still put yourself in a position to be successful.
Do you find yourself staring out the window, longing for an early sunrise, hot days and late evenings? With spring just around the corner, it might feel like summer is a lifetime away.
Are you interested in refinancing your mortgage? There are a variety of reasons why you might want to refinance your home loan. For example, you might want to secure a lower interest rate, or you may want to reduce your monthly payment. You might even want to tap into the equity you have in your home for some quick cash. There are different loan options available, so you need to think carefully about which one is best for your needs.