Mortgage rates crept up this week to the highest levels since May. Market indicators and analysis suggest they will not fall any time soon. Consumer sentiment rose to a 17-year high last week. Confidence improved as consumers grow more optimistic about the economy and their personal finances. The labor market also continues to show strength and is considered at or near full employment. Unemployment filings for last week fell to a near 49-year low.
Home builder sentiment rose unexpectedly in September to its strongest level in 11 months, prompted by renewed interest in purchases following a summer lull. Housing starts rose in August, boosted by a jump in multifamily construction and a rise in single-family homebuilding. Building permits, however, fell slightly. Existing home sales were unchanged in August, following 4 months of declines. Supply continues to be an issue, although demand remains strong.
|Year-to-Date Rate Tracking|