Houston Mortgage Rates are heading up. Purchasing Houston Real Estate or doing a Houston Refinance, rates are sure to imp[act your monthly payment.
Last week’s economic news included readings for Price Indices, Commerce Department. Construction spending and the University of Michigan’s reading on consumer confidence.
Recent Labor sector reports on jobs growth and the national unemployment rate were posted along with weekly readings on mortgage rates and first-time jobless claims.
If you are interested in a Houston Home Loan don’t wait. The Houston Mortgage Rate for Investment Property will also be increasing.
Home price growth hit its lowest pace in 20 months according to Case= Shiller’s 20-City Home Price Index for August. Home prices grew by 5.80 percent year-over-year as compared to July’s growth rate of 6.00 percent.
Analysts said that slowing growth of home prices could signal that home prices have reached their peak; Inventories of homes for sale are near the six-month inventory reading considered a normal inventory of homes for sale.
Sales have slowed in recent months due to rapidly rising home prices, high demand for homes and slim inventories of available homes. Increasing supplies of homes for sale are a sign that housing markets are balancing to accommodate prospective buyers.
Construction spending was flat in September at a seasonally-adjusted annual rate of $133 trillion. Analysts expected 0.20 percent growth in construction spending based on August’s growth rate of 0.80 percent. Any slowdown in spending was likely due to seasonal dips in construction activity as winter approaches.
Mortgage Rates in Houston are increasing. Freddie Mac reported higher Houston mortgage rates last week.
Last week’s First-time jobless claims were lower last week with 214,000 new claims filed; analysts expected 212,000 new claims to be filed based on the prior week’s first-time claims 216,000 new claims filed. Reported.
ADP reportedly added 227,000 private sector jobs in October.
The national unemployment rate was unchanged at 3.70 percent. The University of Michigan’s Consumer Confidence Index reported an index reading of 137.90 in October as compared to September’s reading of 135.30 and an expected reading of 136.40.