Gary McNinch's Client Testimonials: Gary McNinch's Client Testimonials: What's Ahead For Mortgage Rates This Week - April 29, 2013

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What's Ahead For Mortgage Rates This Week - April 29, 2013

What's Ahead For Mortgage Rates This Week - April 29 2013Mortgage rates fell again last week and are again near record lows.

According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.

The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.

Low mortgage rates are helping homeowners with refinancing and are boosting housing markets as more buyers can qualify for mortgage loans.

Home Values Continue To Rise

Last week's economic news was mixed; The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae, released its Home Price Index for February.

According to this index, home prices increased by 0.7 percent between January and February, and increased by 7.1 percent year-over-year on a seasonally adjusted annual basis.

According to the National Association of REALTORS®, existing home sales for March fell short of the expected 5.03 million and came in at 4.92 million existing homes sold on a seasonally adjusted annual basis.

This reading was also 0.7 percent shy of February's reading of 4.95 million existing homes sold.

Some homeowners may be taking a wait-and-see stance as they wait for home values to continue rising.

Employment Numbers Gaining Steam

Weekly jobless claims fell to 339,000 and were short of the consensus of 351,000 and the prior week's 355,000 jobless claims filed.

As more workers gain employment, those able to buy homes increases.

The economy in general also benefits as households gain income they can use for purchasing goods and services.

Consumer Sentiment rose by 2.1 points to 76.4 over the March reading of 72.3 percent.

April's reading also surpassed expectations of 74.0 percent.

As consumers gain confidence in the economy, they are generally more likely to buy homes and make other major purchases that contribute to the U.S. economy.

Coming Up this Week

This week's economic news calendar includes several reports that impact the housing sector as well as the general economy:

  • Monday: Personal Income, Consumer Spending and Pending Home Sales reports are due for release.
  • Tuesday: The Case Shiller/Wells Fargo Home Price Index for February and Consumer Confidence for April will provide data concerning national and regional home prices and indicate how consumers view the economy.
  • Wednesday: The customary statement by the Federal Open Market Committee (FOMC) is set for release at the conclusion of its meeting. The ADP Employment Index for April and Construction Spending for March provide data on jobs and trends in construction spending.
  • Thursday: Weekly Jobless Claims report
  • Friday: The Non-farm Payrolls Report and Unemployment Rate for April, collectively known as the Jobs Report, will be released.

While we can't predict what will happen with mortgage rates, some industry analysts indicated that they expect rates to remain low in the near-term.

These lower rates should continue to support growth in the Seattle real estate market for home buyers and sellers as well as those looking to refinance their home.

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Gary McNinch Given to Excel in Real Estate
Keller Williams Realty Southeast Sound Direct: .. (425) 277-5100
560 Naches Avenue Southwest, Suite 100 Fax: (425) 277-5400
Renton, WA 98055 Email Email Gary
Keller Williams Realty Southeast Sound, 560 Naches Avenue Southwest, Suite 100, Renton, WA 98055



About Gary McNinch's Renton, WA Real Estate Website: The www.rentonhomefinder.com web site provides Downtown Renton, Renton Highlands, Kennydale, Newcastle, Talbot Hill, Cascade, Kent, Skyway and Fairwood, Washington real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Renton area. Gary McNinch Garie, Garry, McNich, McNitch, or McInch has services to help you get the best value for your Renton home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a  Renton REALTOR who knows  the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Renton, WA, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Gary McNinch can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Gary speaks  your language.
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