Scott Moize Jr.

First United Mortgage Group

  • Home
  • About
    • About Scott
    • Site Security
  • Resources
    • Calculators
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Testimonials
    • Client
    • Agent
  • Blog
  • Apply
  • Contact

What’s Ahead For Mortgage Rates This Week – August 27th, 2018

August 27, 2018 by Scott Moize Jr.

What’s Ahead For Mortgage Rates This Week – August 27th, 2018Last week’s economic readings included reports on sales of new and previously-owned homes, and weekly reports on mortgage rates and first-time jobless claims.

Sales of New and Pre-owned Homes Falter in July

Home sales were lower in July, with new and pre-owned home sales falling short of projections and June sales. According to the Commerce Department, new homes sold at an annual rate of 627,000 sales as compared to 640,000 new home sales projected and a pace of 638,000 homes sold in June.

Downward revisions for previous months contributed to a lower sales pace reported in July; but the average price of a new home was $3278,700 in July, which may indicate that home prices are tapping out. July prices dropped 1.70 percent from June but were 12.80 percent higher year-over-year.

Sales of previously-owned homes were also lower in July with an annual pace of 5.34 million homes sold as compared to the expected reading of 5.40 million sales and June’s reading of 5.38 million sales. July’s reading was the lowest in two and a half years and indicated that low inventories of available homes coupled with high home prices has sidelined would-be buyers who can’t find or afford homes they want to buy.

The National Association of Realtors ® reported that Inventories of homes were 0.70 percent lower in July after rising in June. Sales of pre-owned homes were 0.50 percent lower in July and were unchanged year-over-year.

Mortgage Rates, New Jobless Claims Lower

Freddie Mac reported lower average mortgage rates last week; the rate for a 30-year fixed rate mortgage fell two basis points to 4.51 percent. Mortgage rates for a 15-year fixed rate mortgage averaged 3.98 percent and three basis points lower than the prior week.

Rates for 5/1 adjustable rate mortgages averaged 3.82 percent and were five basis points lower. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell to 210,000 claims filed as compared to an expected reading of 215,000 new claims and the prior week’s reading of 212,000 first-time jobless claims.

What‘s Ahead

This week’s scheduled economic reports include readings from Case-Shiller’s Home Price Index, pending home sales and inflation. Weekly readings on mortgage rates and new jobless claims will also be released.

Filed Under: Financial Reports Tagged With: Financial Reports, Interest Rates, Mortgage Rates

Scott Photo

Contact Scott


Mortgage Sales Manager

Call (214) 755-5307

NMLS #595311
Servicing Texas
Logo

Connect with Scott

Have a Question?

  • This field is for validation purposes and should be left unchanged.

Consumer Compliant & Recovery Fund Notice

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

Browse Articles by Category

Recent Articles

  • Understanding the Basic Interest Rates Difference Between Fixed and Variable
  • What is the Difference Between a Reverse Mortgage and a Home Equity Conversion Mortgage?
  • Running A Quick Financial Health Check Before You Apply For A Mortgage
  • Mortgage Approval With An Unconventional Job – How Does It Work?
  • What’s Ahead For Mortgage Rates This Week – May 22, 2023
Scott Moize - NMLS# 595311
First United Mortgage Group
NMLS #400025
This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice.
First United Mortgage Group is an Equal Housing Lender.
EQL Logo
NMLS Consumer Access

Our Location


One Lincoln Park
8750 N. Central Expressway
Suite #930
Dallas TX, 75231

Copyright © 2023 · Powered by MySMARTblog