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2014
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Consumers across the nation finished October feeling the best they have in seven years as the prospects for economic expectations rose to the best level in seven years. The final reading on October Consumer Sentiment rose to 86.9, the highest reading since July 2007 and up from the 84.6 recorded ...
10/31/2014
Consumer prices edged higher in September led by rising costs for food and housing, though offset by a decline in gas prices at the pump. The Consumer Price Index rose by 0.1% last month after a 0.2% decline in August and above the 0.0% that was expected. Within the report it showed that food cos...
10/22/2014
Federal Housing Finance Agency's Director Mel Watt will be speaking this week at the Mortgage Bankers Association's conference in Las Vegas and could announce loosening of GSE credit standards. Rumors are swirling that Mr. Watt could lay out a plan to make credit more available to potential home ...
10/20/2014
Construction for homes across the nation edged up in September, which is a positive sign for the overall economy. The Commerce Department reported that Housing Starts rose by 6.3% from August to September to an annual rate of 1.02 million units, which was slightly better than expectations. Howeve...
10/17/2014
The National Association of Home Builders reported on Thursday that its Housing Market Index fell five points in October from September to 54, and below the 59.0 that was expected. The unexpected decline comes after four consecutive monthly gains. “We are seeing a return to the mid-50s index leve...
10/16/2014
Consumers across the U.S. spent less in September than they had in previous months due to stagnant wages, which have somewhat driven down purchasing power. The Commerce Department reported that September Retail Sales fell by 0.3%, which was the first decline since January and well below the 0.6% ...
10/15/2014
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Bank earnings were abundant today with Citigroup, JPMorgan and Wells Fargo all reporting their quarterly numbers. Wells Fargo reported that revenues came in at $21.2 billion, above the $21.1 billion expected. JPMorgan reported a profit of $5.6 billion, a big surge from the $380 million in the sam...
10/14/2014
Weakening global economies coupled with the Federal Reserve continuing to support the housing markets have left home loan rates back at 12-month lows. Government sponsored entity Freddie Mac reported Thursday that the 30-year fixed conventional home loan rate is at 4.12% this week. To obtain that...
10/10/2014
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The Mortgage Bankers Association (MBA) reported on Thursday that applications to purchase new homes were flat in September from August. The MBA estimates that new single family home sales were at an annual rate of 425,000 units last month. In addition, the average loan size of new homes fell to $...
10/09/2014
Last week's government payrolls report showed that wage growth was virtually non-existent in September, but a report out today refutes the government's findings. Payroll processor ADP reported that wage growth is increasing faster than what was reported last Friday from the September Jobs Report....
10/08/2014
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Steve Reed
Steve Reed Branch Manager | Benchmark Home Loans