Here is what was at the top of the headlines for the mortgage industry this past week.
Mortgage rates fell back in line with recent lows after a disconcerting move higher yesterday. In general, rates are still in the process of battling back from their worst few weeks of the year. Weakness during the first half of September resulted in the most prevalent conforming 30yr fixed quote moving up to 4.25% for top tier borrowers.
New-Home Sales Surge 18% in August to a 504,000 annualized pace, the strongest since May 2008 and surpassing the highest forecast. The one-month increase was the biggest since January 1992. The median sales price of a new house climbed 8% from August 2013 to $275,600.
Should Mortgage Lending Standards Ease? Policy Makers Face Tough Question: Is Drag on Housing Due Mainly to Tight Standards or Weak Demand?
U.S. House Price Index rose +0.1% in July. after a 0.3% increase in Jun is consistent with some slowing in housing price pressures. Trend has slowed from 2013, with home sales growth also having lost momentum since then. Trend looks unlikely to slow enough to turn negative however.
Housing to Top Capital Spending in Next U.S. Growth Leg: Economy. Residential investment grew at a 7.2 percent annualized rate in the second quarter and business outlays for equipment, structures and intellectual property rose at an 8.4 percent pace.
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