Today's Rates
30 Yr Fixed Conforming 6.000%
15 Yr Fixed Conforming 5.625%
30 Yr Fixed FHA/VA 6.000%
5/1 Conforming ARM
6.000%
Jumbo CM Series 30 Yr Fixed 6.375%
5 Yr LIBOR ARM 5.750%
30 Yr Fixed My Community Solutions 6.375%
Quote ofthe Week
To be one, to be united is a great thing. But to respect the right to be different is maybe even greater. - Bono
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 were flat in June but permits for future construction shot higher, indicating that groundbreaking could increase in the months ahead, a Commerce Department report showed on Tuesday. The Commerce Department said June housing starts came in at a 2.004 million unit annual rate, unchanged from May, which saw starts revised down from an originally reported 2.009 million unit pace. Wall Street economists had expected housing starts to increase to a 2.045 million unit pace in June. Single-family housing starts dropped 2.5 percent to a 1.667 million unit annual pace. But that was offset by multifamily starts, which rose 14.2 percent to a 337,000 unit rate, the report said. For June, housing starts rose 11.4 percent in the U.S. South but fell 12.1 percent in the Midwest, 10.4 percent in the West and 0.5 percent in the Northeast. Permits for future groundbreaking, an indicator of builder confidence, rose 2.4 percent to a 2.111 million unit pace. That exceeded economists' expectations for an increase to a 2.080 million unit pace in June from a 2.062 million unit pace in May. While economists had predicted some slowing in the housing sector in 2005, housing starts and sales have remained robust and shown little sign of easing. Real Estate Watch A recent survey commissioned by RealEstate.com asked over 2,000 first-time homebuyers to shed personal insight on the many emotions, experiences and expectations they had during their first-time home buying experience. For most consumers, the journey begins with dreaming of homeownership. That initial step brings with it the task of setting a budget and scaling expectations, and according to survey results 41 percent of first-time homebuyers are first turning to the Internet to research home listings. About 44 percent of first-time home buyers moved across town into their homes, while 9 percent relocated to another state. Thirty percent of first-time buyers were ill at ease with the time and effort they spent obtaining a mortgage and 29 percent found themselves very anxious during the time spent 'in limbo' between making the offer and closing on the house. Sixty-two percent of homeowners cited being patient with the home-buying process as paramount to staying sane throughout the process. Fed Watch Federal Reserve Chairman Alan Greenspan told lawmakers this week that the U.S. growth outlook was solid and the Fed will keep lifting interest rates. In testimony before the House Financial Services Committee, Greenspan noted the job market is improving, retail sales are picking up, business investment is firming, and inflation is fairly tame. However, Greenspan also warned significant uncertainties confront this positive prospect, including high energy prices, labor costs, the future path of long-term interest rates and the danger this could spell for the country's housing market.
Sources Associated Press, Bloomberg, Mortgage Bankers Association
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