Last week’s scheduled economic news releases included readings on builder sentiment from the National Association of Home Builders and. Commerce Department data on housing starts and building permits issued.
The National Association of Realtors® reported on sales of previously owned homes and the University of Michigan issued its monthly report on consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.
NAHB: Builder Sentiment Dips in November
Home builders were less optimistic about housing market conditions in November; the National Association of Home Builders Housing Market Index dipped by one point to an index reading of 70 for November. October’s reading of 71 was the highest in 20 months. Any reading over 50 indicates that most builders surveyed were positive about market conditions.
Sub-readings used to calculate the NAHB Housing Market Index reading were mixed. Builder confidence in market conditions for the next six months rose one point to 77, but builder sentiment dipped two points to 76 for current market conditions. Builder sentiment about buyer traffic in new housing developments dipped one point to 53; buyer traffic readings rarely exceed a reading of 50.
Relatively low mortgage rates helped offset builder concerns over tariffs on building materials, but pending winter weather conditions likely impacted lower builder enthusiasm over housing market conditions.
Commerce Department Reports Increased Housing Starts, Building Permits Issued
Housing starts and building permits rose in October; Housing starts rose to 1.314 million starts on a seasonally-adjusted annual basis as compared to September’sreading of 1.266 million starts.
Building permits issued increased from September’s reading of 1.391 million permits issued to October’s reading of 1.461 million permits issued. Building permits issued for new homes in October reached their highest level since the recession. Ongoing shortages of available homes continued to boost demand for homes; any increase in new construction helps balance supply and demand for homes.
Sales of previously-owned homes fell short of expectations with a reading of 5.46 million sales at a seasonally-adjusted annual rate in October; analysts expected a pace of 5.47 million sales based on September’s reading of 5.36 million sales. Year-over-year sales of previously-owned homes rose 4.60 percent.
Supplies of available homes continued to fall according to the National Association of Realtors® as inventories slipped to a 3.9 months supply in October. Real estate pros consider a six-months supply of homes as a healthy balance between available homes and home buyers.
Mortgage Rates, New Jobless Claims
Freddie Mac reported lower average mortgage rates last week; rates for 30-year fixed-rate mortgages fell nine basis points to 3.66 percent. Rates for 15-year fixed-rate mortgages averaged 3.15 percent and were five basis points lower.
The average rate for 5/1 adjustable rate mortgages also fell five basis points to 3.39 percent. Discount points averaged 0.60 percent for 30-year fixed-rate mortgages and 0.50 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.
New jobless claims were expected to drop to 218,000 claims filed but held steady at the prior week’s reading of 227,000 first-time claims filed.
The University of Michigan Consumer Sentiment Index rose to an index reading of 96.80 for November; analysts expected the reading to hold steady at October’s reading of 95.70 percent.
What’s Ahead
This week’s scheduled economic reports include readings on home prices from Case-Shiller; reports on new and pending home sales and a speech by Fed chair Jerome Powell. Weekly reports on mortgage rates and new jobless claims will also be released.
Owning a home comes with a lot of responsibility. Many of the responsibilities that people think about involve home maintenance. There are few things that frustrate a homeowner more than having repair and maintenance bills come up. At the same time, it is important to address these properly.
When someone makes the decision to purchase a home, they often want to add their own personal touch, style, and flair to the home. One of the ways to do this is to paint the home. Of course, painting a home is a significant investment in terms of both time and money. It is important for everyone to keep a few tips in mind to make sure this process goes smoothly.
You are supposed to feel safe in your own home; however, accidents can happen and there are plenty of hidden dangers that might land someone in the hospital. It is important for you to understand the common household dangers. Knowledge is power and you can take steps to prevent these issues from arising. 
Most people can’t pay for a home outright, so they finance it with a mortgage loan. 30-year mortgages are more conventional, but they also come with a significant interest price tag.
Last week’s economic reporting included readings on inflation, testimony by Federal Reserve Chair Jerome Powell, and weekly readings on mortgage rates and new unemployment claims.
When you are buying a new home, it is an exciting process. You have spent months searching and have found the home you want to purchase. You are ready to move into the home of your dreams. 
When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan.
When you are looking to purchase a home, you might hear a lot about something called a homeowners association, often shortened to HOA. While there are benefits of having an HOA in a living community, these benefits also have their drawbacks.
Last week’s scheduled economic news included the Federal Reserve’s survey of loan officers and the University of Michigan’s report on consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.