Today's Rates 30 Yr Fixed Conforming 5.875%
15 Yr Fixed Conforming 5.750%
30 Yr Fixed FHA/VA 6.000%
5/1 Conforming ARM
6.000%
Jumbo CM Series 30 Yr Fixed 6.125%
5 Yr LIBOR ARM 5.750%
30 Yr Fixed My Community Solutions 6.375%
Quote ofthe Week The best way to predict the future is to invent it. -Alan Kay
This information is not intended to constitute an advertisement for purposes of the Truth-In-Lending Act or Regulation Z. It is intended solely for use by Licensed Real Estate Professionals. The interest rates shown are accurate as of the date of this publication, but are subject to change without notice.
Residential Mortgage Licensee FL/NC/GA #15622 |
Economic Update U.S. Economy U.S. housing starts dropped by 1.3 percent in August as a 9.4 percent slide in multifamily housing construction offset a slight increase in groundbreaking on single-family homes, according to the Commerce Department. August housing starts fell to a 2.009 million unit annual rate, down from July, which saw starts revised to a 2.035 million unit pace from an originally reported 2.042 million unit pace. Economists had expected housing starts to decrease to a 2.025 million unit annual pace in August, saying Hurricane Katrina disrupted construction late in the month. Total single-family housing starts edged up 0.1 percent to a 1.709 million unit pace. But multifamily starts tumbled 9.4 percent to a 300,000 unit pace in August. Hurricane Katrina, which hit the U.S. Gulf Coast at the end of August, had a minimal impact on the housing starts data, the Commerce Department said. Metro areas most affected by the hurricane accounted for about 1.1 percent of total permit authorizations in the United States in 2004, and 2.4 percent of permit activity in the South. Permits for future groundbreaking, an indicator of builder confidence, were also weaker than expected, falling 2.2 percent to a 2.124 million unit pace. Economists expected permits would decline to a 2.143 million unit pace in August from a revised 2.171 million unit pace in July. Economists have predicted some slowing in the market, but home construction and sales data have yet to show much sustained easing. Real Estate Watch An analysis conducted by The Enterprise Foundation shows that nearly 1 million homes were destroyed or damaged by Hurricane Katrina, and the amount needed to repair or rebuild those homes will cost about $87.6 billion. Of that amount, much of it will be covered by insurance and other resources available to property owners, but $32.7 billion will be needed in federal funding to help pay for the rebuilding efforts. The rest of the rebuilding costs will be paid by insurance coverage, home refinancing, owner reserves, and payments of up to $26,500 per home from the Federal Emergency Management Agency, says Paul Werwath, vice president for program services for The Enterprise Foundation. The analysis shows that 455,000 rental and owner-occupied homes in 16 counties in Mississippi, 13 parishes in Louisiana, and three counties in Alabama must be rebuilt entirely and 475,000 rental and owner-occupied homes in the three states need repairs that range from minor to substantial. Fed Watch The Federal Reserve boosted interest rates to the highest level in four years Tuesday despite the effects of Hurricane Katrina, saying fallout from the storm didn't pose a persistent threat to the nation's economic health. Continuing a 15-month rate-raising campaign, Fed Chairman Alan Greenspan and his colleagues voted 9-1 to raise an important short-term interest rate by one-quarter percentage point to 3.75 percent. It marked the 11th increase of that size since the Fed began to tighten credit in June 2004. The increases pushed borrowing costs to their highest level since the summer of 2001. Fed policymakers remain open to additional rate increases in the months ahead depending on how economic activity and inflation unfold.
Sources Washington Post, National Association of Realtors, Associated Press
Product Highlight7-Year Interest Only Loan Program Own the Home of Your Dreams While Increasing Your Cash Flow
- Lower monthly payment
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- Recast Feature - Allows buyers to prepay the principal, which is reflected in a lower payment the following month
- Potential to increase buyers net worth by diversifying their assets
- Long-term Investment based on the LIBOR index - historically one of the lowest and most stable interest rate indexes
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