Housing Snapshot
The slow ascent of mortgage interest rates has continued for four straight weeks, leaving fixed-rate financing at a slightly higher level than it was one year ago. Adjustable-rate financing continues to be lower than it was during the same period of last year. The week ended on a discouraging economic note with a report from the Labor Department that the economy lost 93,000 more jobs in August. Almost half of the jobs were lost in the manufacturing sector. While most major industries continued to lose jobs, construction continued to gain them, adding 19,000 workers to the payroll last month. The economy still appears poised for 4%-5% annual growth, but some have begun to wonder if this will be enough to put employers in a hiring mood. [ MORE ]
Mortgage Interest Rates
30-Year Fixed-Rate: 6.44%
15-Year Fixed-Rate: 5.77%
1-Year ARM: 3.98%
Housing Starts - Jul. 2003*
Total: 1.87 million
Single-Family Starts: 1.52 million
Multifamily Starts: 351,000
New Home Sales Jul. 2003*
1.165 million
Existing Home Sales Jul. 2003*
6.12 million
* Seasonally adjusted annual rate