Housing Snapshot
A report from the Labor Department showed that the jobs market finally came alive in March, with the creation of 308,000 new positions on a seasonally adjusted basis. Job creation was also adjusted upward in January and February, bringing the monthly average to 171,000 in this year's first quarter. The good economic news helped nudge up mortgage interest rates in Freddie Mac's weekly index, but the cost of financing remained at levels that are highly favorable for home buying activity. On the lumber front, prices were advancing again last week, following a few weeks of small declines. Framing lumber rose from $377 per 1,000 board feet to $398, according to Random Lengths. The mill price for 15/32-inch 3-ply CDX Southern Westside plywood was $490 per 1,000 square feet, an increase of $25, and Oriented Strand Board was at $495, raising concerns over where prices will head as the peak home buying season moves into full gear. [ MORE ]
Mortgage Interest Rates
30-Year Fixed-Rate: 5.52%
15-Year Fixed-Rate: 4.84%
1-Year ARM: 3.46%
Housing Starts - Feb. 2004*
Total: 1.855
Single-Family Starts: 1.489
Multifamily Starts: 366,000
New Home Sales Feb. 2004*
1.163 million
Existing Home Sales Feb. 2004*
6.12 million
* Seasonally adjusted annual rate