Steve Reed Benchmark Home Loans

Mortgage rates continued to edge higher in the latest week due in part to a growing economy and a strong labor market. Positive economic news tends to push Bond prices lower, yields higher and mortgage rates higher. Freddie Mac reports that the 30-year fixed-rate mortgage rose for the 7th consecu...

The Commerce Department reported on Friday that Housing Starts jumped 9.7% from December to an annual rate of 1.326 million units, above the 1.240 million expected. That was the highest level since October 2016 and up 7.3% from January 2017. Multi-dwelling starts, five or more units, surged 19.7%...

Home builder sentiment remained high in February as evidenced by today's lofty reading. The NAHB Housing Market Index came in at 72, matching the January number. Any reading over 50 is viewed as "good." The recent tax cuts are making builders feel better, despite the recent increase in mortgage r...

The National Federation of Independent Businesses (NFIB) reports that the underlying strength in the economy can be seen in the critical small business sector. The Small Business Optimism Index rose two points to 106.9 in January and set a record with the number of small business owners saying no...

U.S. worker wages grew in January of 2018 after several years of stagnation. The average hourly wage paid to workers in the private sector rose to $26.74 an hour (approximately $53,000 of annual compensation) in January 2018, up +2.9% in the last year. The last time private sector wages grew this...

The government briefly shutdown overnight but has reopened after the House approved a spending bill that will fund the government until March 23. President Trump will sign the bill into law today. The bill includes big spending increases for the military. The new bill did not off support for the ...

Global Bond yields continue to rise due to several factors as the U.S. 10-year yield at the highs seen in January 2014. The Bank of England said it sees interest rates rising sooner and higher as the U.K. is boosted by global growth. Dallas Fed President Kaplan said the central bank will likely c...

Home borrowing costs edged higher in the latest week due in part to an uptick in inflation pressures and as the U.S. economy continues to grow. The Mortgage Bankers Association (MBA) reports that the 30-year fixed-rate conforming mortgage rose to 4.50% in the latest week from 4.41%. The MBA also ...

CoreLogic reports that home prices nationwide, including distressed sales, rose 6.6% year over year in the month ended in December. On a month-over-month basis, prices increased 0.5% from November to December. CoreLogic reports that rising incomes and consumer confidence have increased the number...

A low supply of homes for sale on the market continued to plague home buyers in December. The National Association of REALTORS® reports that Pending Home Sales in December rose 0.5% from November, which was just below the 0.6% expected. Year-over-year Pending Home Sales are up 0.5%. Sales slowed ...