Despite last week's Thanksgiving Holiday that may have cut the economic calendar, there were still several housing reports that were released. Here is a brief summary of the new reports regarding home mortgage prices, new home sales, and jobless claims:
Home prices for mortgages associated with Freddie Mac and Fannie Mae increased 1.3% during the end of this year's third quarter. This shall be the 17th consecutive increase for home price (sale-only transactions). Furthermore, FHFA home prices also rose by .8% from the previous two quarters, and 5.7% from the same season last year.
On a related note, sales of new homes also rose by 10.7% to 495k sales, based on the downwardly revised reading of 447k September new home sales. Sales of new homes rose by 135.3% in the Northeast, 8.9% in the Soiuth, and 5.3% in the Midwest. However, the sales of new homes in the West declined with a -.9% reading.
Good news is that home buyers can enjoy the 6% decrease in the median price of new homes ($281k). Also, new home inventory reached its highest level since 2010.
Mortgage Rates
According to Freddie Mac, average mortgage rates differed last week. 30 year fixed mortgage rates was 2 points lower (3.95%), the average rate for the 5/1 adjustable rate mortgage was at 3.01%, and the average rate for a 15 year mortgage was the same (3.18%). Also, average disount point was 0.7 for the 30 year fixed rate mortgage and 0.5% for the 15 year fixed mortgage and 5/1 adjustable rate mortgages.
Jobless Claims
Jobless claims fell from last week's 272k reading to the 260k new claims. The one month rolling average of new claims, however, remains the same at 271k.
What Is Ahead
This week's report shall include data about the construction spending, alongside the Labor Department's details regarding the national unemployment rate. Mortgage rates from Freddie Mac alongside the new jobless claims can also be expected.
