By Tory Barringer | 12/05/2013
Long-term mortgage rates saw a jump this week following better-than-expected economic reports. Freddie Mac released Thursday the results of its Primary Mortgage Market Survey, putting the average 30-year fixed-rate mortgage (FRM) at a rate of 4.46 percent (0.5 point) for the week ending December 5, up from 4.29 percent last week. Frank Nothaft, VP and chief economist for Freddie Mac, pinned the increases on encouraging growth in private jobs and new home sales.
By Tory Barringer | 11/26/2013
The Conference Board's Consumer Confidence Index dropped two points to 70.4 in the most recent reading, the company reported. The decline follows a more substantial decrease in October stemming from the partial federal government shutdown. "Sentiment regarding current conditions was mixed, with consumers saying the job market had strengthened, while economic conditions had slowed," explained Lynn Franco, director of economic indicators at the Conference Board. "However, these sentiments did not carry over into the short-term outlook."
By Tory Barringer | 11/22/2013
Commercial real estate (CRE) patterns are expected to continue on a steady but modest growth path, the National Association of Realtors (NAR) predicted Friday in its quarterly CRE forecast. "Jobs are the key driver for commercial real estate, and the accumulation of 7 million net new jobs from the row point a few years ago is steadily showing up as demand for leasing and purchases of properties," said NAR chief economist Lawrence Yun. However, Yun said, "the difficulty of accessing loans remains a hindrance to a faster recovery."
By Tory Barringer | 11/14/2013
Freddie Mac's Primary Mortgage Market Survey shows the average interest rate for the 30-year fixed-rate mortgage (FRM) climbing to 4.35 percent (0.7 point) for the week ending November 14.
By Tory Barringer | 11/08/2013
Despite the partial government shutdown threatening growth, the nation's economy added 204,000 jobs in October, with prior months seeing major upward revisions, the Bureau of Labor Statistics (BLS) revealed Friday in its Employment Situation Report. Economists surveyed by Bloomberg put out a median forecast of 120,000 new nonfarm payroll jobs.
By Tory Barringer | 10/31/2013
The Conference Board's Consumer Confidence Index, conducted for the group by Nielsen, fell to 71.2 in October after a moderate decline to 80.2 in September. "Consumer confidence deteriorated considerably as the federal government shutdown and debt-ceiling crisis took a particularly large toll on consumers' expectations," said Lynn Franco, director of economic indicators for the Conference Board. Franco noted recent history shows similar declines in response to government battles.
By Tory Barringer | 10/30/2013
Wingspan Portfolio Advisors, a diversified mortgage services company operating in Dallas, was named for the second straight year in Inc. Magazine's Hire Power Awards, a list of the top 100 businesses in America for job creation.
By Tory Barringer | 10/29/2013
McGraw Hill Construction has released its 2014 Dodge Construction Outlook, predicting a boost from single-family housing.
By Tory Barringer | 10/23/2013
Depressed construction activity is expected to continue weighing down both housing and the larger economy, Freddie Mac predicts in its latest Economic and Housing Outlook.
By Tory Barringer | 10/22/2013
The unemployment rate edged down to 7.2 percent in September as the economy added 148,000 jobs, the Bureau of Labor Statistics (BLS) revealed in its monthly Employment Situation Report. The report, released weeks late as a result of the partial government shutdown, also showed revisions in job growth for July (down from 104,000 to 89,000) and August (up from 169,000 to 193,000).