Kathryn Jean Keller

NMLS# 57801 • Mortgage Loans

  • Home
  • About
    • About Me
    • Privacy Policy
    • Fair Lending Statement
  • Blog
  • Testimonials
  • Resources
    • First Time Home Seller Tips
    • First Time Home Buyer Tips
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Home Appraisal
    • Home Inspection
    • Credit Score: Information & Tips
    • Mortgage Glossary
    • Mortgage FAQ
  • Contact
  • Apply

What’s Ahead For Mortgage Rates This Week – March 14, 2016

March 14, 2016 by Kathryn Jean Keller

What's Ahead For Mortgage Rates This Week - March 14, 2016Last week’s economic news included Fannie Mae’s Home Purchase Sentiment Index along with weekly reports on mortgage rates and new jobless claims. The City of Detroit also announced a program to help would-be buyers purchase homes that do not qualify for mortgage loans due to severe damage.

Fannie Mae: Home Buyer Sentiment Index Rises

Fannie Mae’s Home Buyer Sentiment Index (HBSI) gained 1.20 percent for an overall reading of 82.70 percent for February. The index reading is calculated using responses to several questions contained in Fannie Mae’s National Housing Survey. HBSI components include consumer responses to questions about whether it’s a good or bad time to sell or buy a home, consumer expectations concerning whether home prices and mortgage rates will rise, whether respondents expected to keep or lose their jobs, and consumer outlook for their income to significantly increase year-over-year.

The HBSI is designed to assess consumer attitudes about housing markets and their decisions about buying a home.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Freddie Mac reported that average mortgage rates rose across the board last week. The average rate for a 30-year fixed rate mortgage rose four basis points to 3.68 percent; the average rate for a 15-year mortgage rose two basis points to 2.96 percent and the average rate for a 5/1 adjustable rate mortgage was eight basis points higher at 2.92 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims dropped to a five-month low last week with a reading of 259,000 new claims filed as compared to expectations of 275,000 new claims and the prior week’s reading of 277,000 new claims. New claims readings under 300,000 new claims indicate a healthy labor market; new claims readings have held below the 300,000 benchmark for more than a year. The lowest reading of 256,000 new jobless claims occurred in October 2015.

City of Detroit Addresses Problems with Ravaged Homes

The City of Detroit announced a program designed to facilitate the purchase and rehabilitation of vacant and damaged homes that do not meet appraisal requirements for traditional home loans. While many markets have recovered from the Great Recession, housing markets such as Detroit have languished due to the lack of financing options. The program offers mortgages to cover the home purchase and second mortgages up to $75,000 for repairs and renovation. Program administrators say they plan to issue 1000 loans over the next three years. This type of program may help struggling housing markets recover while providing homeownership opportunities to those who could not otherwise afford to buy a home.

What’s Ahead This Week

This week’s scheduled economic events include the National Association of Home Builders/Wells Fargo Housing Market Index, federal reports on housing starts and building permits issued. The Federal Reserve will release its usual post-meeting statement after its Federal Open Market Committee meeting. Fed Chair Janet Yellen will also hold a press conference.

Financial Reports Tagged: Financial Reports, Home Buyer Sentiment, Mortgage Rates

RPM Mortgage
Kathryn Jean Keller

Contact Kathryn Jean Keller


Office: 206-957-9490
Mobile: 206-999-4584
kkeller@rpm-mtg.com

MLO #57801
  APPLY WITH KATHRYN

Connect with Me!

Get A Free Rate Quote!

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

Recent Posts

  • Getting A Mortgage When Self-Employed: What You Need To Know
  • On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage
  • What Is A Loan Contingency: An Overview
  • What’s Ahead For Mortgage Rates This Week – January 23, 2023
LendUS, LLC - NMLS #1938 l WA #CL-1938 l Equal Housing Opportunity

nmlsconsumeraccess.org
State Licensing — Click Here

Equal Housing

Our Location


1700 Westlake Ave N, Suite 300
Seattle, WA 98109
Business: 206-957-9490

Copyright © 2023 Kathryn Jean Keller   ·  All rights reserved   ·   Log In