Housing Snapshot
Mortgage rates declined last week as the bond markets rallied on the conviction that the Federal Reserve won't find it necessary to move against inflationary forces for some time. The Mortgage Bankers Association reported that applications for home purchases during the first two weeks of this month were only 7% below July's record average. The National Association of Business Economists predicted that the economy will grow by 4.5% next year, compared to 3% this year. On the lumber front, framing lumber rose from $333 to $344 per 1,000 board feet, Random Lengths reported. 15/32-inch 3-ply CDX Southern Westside plywood fell from $485 to $450 per 1,000 square feet and OSB prices, which had been stagnant, sagged for the first time in a long while: from $465 to $450. [ MORE ]
Mortgage Interest Rates
30-Year Fixed-Rate: 5.83%
15-Year Fixed-Rate: 5.17%
1-Year ARM: 3.72%
Housing Starts - Oct. 2003*
Total: 1.96 million
Single-Family Starts: 1.617 million
Multifamily Starts: 343,000
New Home Sales Sep. 2003*
1.145 million
Existing Home Sales Sep. 2003*
6.69 million
* Seasonally adjusted annual rate