Housing Snapshot
Mortgage interest rates last week remained at near bargain-basement levels, almost unchanged from the previous week, and Freddie Mac economists reported that applications have been up for both homes purchases and refinancings as a result. The Commerce Department said that growth of the gross domestic product was up 4.1% in last year's final quarter, slightly higher than originally estimated, and some analysts believe growth in the current quarter will climb to about 4.5%. Personal spending was up 0.4% in January, and the latest reports from businesses showed they were increasing their investment in equipment and software and building up their inventories in anticipation of a more vibrant economy. Lumber prices continued to go in the wrong direction last week, but there were signs of a slowdown in their upward momentum. Random Lengths reported that framing lumber was up $5 to $389 per 1,000 board feet. The mill price for 15/32-inch 3-ply CDX Southern Westside plywood was up $10 to $495 per 1,000 square feet, up from $240 a year earlier; and oriented strand board climbed $8 to $495, compared to $192 for the same week in 2003. [ MORE ]
Mortgage Interest Rates
30-Year Fixed-Rate: 5.58%
15-Year Fixed-Rate: 4.89%
1-Year ARM: 3.50%
Housing Starts - Jan. 2004*
Total: 1.903 million
Single-Family Starts: 1.537 million
Multifamily Starts: 339,000
New Home Sales Jan. 2004*
1.106 million
Existing Home Sales Jan. 2004*
6.04 million
* Seasonally adjusted annual rate