Housing Snapshot
Mortgage interest rates headed upward last week and new residential construction trailed down, but it is too early to declare either a trend. From the financial markets, the initial view of the breaking war against Iraq was optimistic. However, by the following Monday there were doubts that a favorable outcome to the hostilities would be as easily attained as first anticipated. The Federal Reserve held steady on the interest rate front, leaving its overnight rate at 1.25%, awaiting a clearer perspective on the impact of the war on the economy. [ MORE ]
Mortgage Interest Rates
30-Year Fixed-Rate: 5.79%
15-Year Fixed-Rate: 5.11%
1-Year ARM: 3.75%
Housing Starts - Feb. 2003*
Total: 1.62 million
Single-Family Starts: 1.3 million
Multifamily Starts: 327,000
New Home Sales Jan. 2003*
914,000
Existing Home Sales Mar. 2003*
6.09 million
* Seasonally adjusted annual rate