Quicken Loans Market Update - Zing Blog

Last Week:

Headline News

  • FHFA House Price Index – Home prices gained 0.5% in January on a seasonally-adjusted basis, following a 0.7% rise the month before.
  • S&P Case-Shiller HPI – At 0.8%, January’s adjusted monthly price gain is quite strong. However, the year-on-year rate is down from December.
  • New Home Sales – Total new homes on the market increased slightly in the month. At 189,000, they are at their highest level since December 2010.
  • Consumer Confidence – At 82.3, Consumer Confidence was higher than expected. The Econoday consensus predicted 78.3.
  • GDP – The Real GDP growth for the fourth quarter was revised up slightly to an annualized 2.6%.
  • Jobless Claims – Initial claims fell 10,000 to 311,000. The Econoday consensus called for a decline of 12,000.
  • Bloomberg Consumer Comfort Index – Consumer confidence in the U.S. declined to the lowest level in seven weeks as Americas turned more pessimistic about the economy.
  • Pending Home Sales Index – Pending home sales fell 0.8% in February and were revised down to -0.2% in January. Pending home sales have now fallen for nine straight months.
  • Consumer Sentiment – Details in the month-to-month comparison with February are mixed, showing no significant change for current conditions.

Mortgage Rates

According to the Primary Mortgage Market Survey released by Freddie Mac, average mortgage rates inched upward.

30-year fixed-rate mortgages (FRMs) averaged 4.40% with an average 0.6 point for the week ending March 27, 2014, up from last week when they averaged 4.32%. A year ago at this time, 30-year FRMs averaged 3.57%.

15-year FRMs this week averaged 3.42% with an average 0.6 point, up from last week when they averaged 3.32%. A year ago at this time, 15-year FRMs averaged 2.76%.

5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 3.10% this week with an average 0.5 point, up from last week when they averaged 3.02%. A year ago, 5-year ARMs averaged 2.68%.

1-year Treasury-indexed ARMs averaged 2.44% this week with an average 0.4 point, down from last week when they averaged 2.49%. At this time last year, the 1-year ARM averaged 2.62%.

Equity Markets

The Dow Jones Industrial Average rose 58.83 points (0.4%) to 16,323. The S&P 500 increased 8.58 points (0.5%) to 1,857. The NASDAQ jumped 4.53 points (0.1%).

The Week Ahead

Thursday, April 3

Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time.

Bloomberg Consumer Comfort Index (9:45 a.m. ET)The Bloomberg Consumer Comfort Index is a weekly, random-sample survey that tracks Americans’ views on the condition of the U.S. economy, their personal finances and the buying climate.

Friday, April 4

Employment Situation (8:30 a.m. ET) – The employment situation is a set of market indicators based on two separate surveys.

Visit the Quicken Loans Zing Blog for updated information on important economic releases that affect your wallet.


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