The Markets. Rates moved to their lowest point of the year in the past week. Freddie Mac announced that for the week ending May 8, 30-year fixed rates decreased to 4.21% from 4.29% the week before. The average for 15-year loans fell to 3.32%. Adjustables were stable in the past week with the average for one-year adjustables decreasing slightly to 2.43% and five-year adjustables remaining at 3.05%. A year ago 30-year fixed rates were at 3.42%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac –“Rates on home loans continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter. Meanwhile, the economy added 288,000 jobs in April, the largest since January 2012, and followed an upward revision of 36,000 jobs for the prior two months. Also, the unemployment rate fell to 6.3 percent.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages Updated May 9, 2014
The Markets. Rates continued to ease in the past week. Freddie Mac announced that for the week ending April 17, 30-year fixed rates decreased to 4.27% from 4.34% the week before. The average for 15-year loans fell to 3.33%. Adjustables were mixed with the average for one-year adjustables increasing to 2.44% and five-year adjustables slipping to 3.03%. A year ago 30-year fixed rates were at 3.41%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates on home loans continued to ease this week as housing starts rose 2.8 percent in March but not as much as expected. Also, permits fell 2.4 percent in March to a seasonally adjusted annual rate of 990,000, which followed a slight downward revision of 4,000 permits in February.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated April 18, 2014
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Adam Ashkenas (703) 623-5959 Citi HabitatsMy renter rating:
Paul Davidson, USA TODAY7:29p.m. EST February 3, 2013
Last week’s economic reports delivered seemingly incongruous messages: The economy shrank in the fourth quarter for the first time since the recession, but job growth was more robust than initially estimated.
In fact, job growth the past two years was noticeably stronger than initial estimates, according to revised Labor Department figures released Friday, even while the economy has plodded along at a lackluster pace.
That makes forecasting job gains for 2013 especially tricky. Will the same pattern continue? Will the economy shift into a higher gear and catch up to the job market? Or will job growth lose steam without stronger economic gains?
The answer, of course, depends on which economist you ask. Still, several top economists expect stronger payroll gains to continue this year due to both an ongoing need to make up for excessive layoffs in the recession and an improving economy.
Another possibility is the weak economic growth will be revised up, more closely matching the job gains.
Last week initially brought the jarring news that the economy contracted at an annual rate of 0.1% in the fourth quarter, mostly because of temporary factors. Still, the economy has grown at a tepid pace of 1.5% to 2% each of the past two years.
Then, the Labor Department said that monthly job growth averaged 175,000 in 2011 and 181,000 in 2012. It previously estimated monthly gains of 153,000 each of those years.
“It suggests the economy has been creating jobs at a meaningfully faster clip,” says Mark Zandi, chief economist of Moody’s Analytics.
Typically, however, economic growth of over 3% is needed to create that many job additions, says Jim O’Sullivan, chief U.S. economist of High Frequency Economics.
This isn’t a typical recovery, however. Even modest economic growth is requiring strong hiring because employers cut more workers than necessary in the recession and were reluctant to hire early in the recovery. Instead, they worked existing employees harder.
“That can only go on so long” as employees become overtaxed, says Dean Maki, chief U.S. economist of Barclays Capital.
The trend can be seen in the growth of productivity, or output per labor hour. It rose 1.8% in 2010 as employers added an average of just 85,000 workers a month, squeezing more out of each employee. In 2011, productivity growth slowed to 0.6%, as hiring more than doubled.
Maki expects slow productivity growth again this year as employers continue to make up for too many recession-era layoffs. He forecasts modest economic growth of 2.1% amid federal budget cuts but healthy average monthly job gains of 183,000.
O’Sullivan doesn’t think such strong job growth can be sustained this year without a more robust economic expansion. Yet he says a stronger economy is likely as housing rebounds and rising stock and home values more than offset a payroll tax increase and federal cutbacks.
He expects the economy to grow close to 3% this year as employers add about 175,000 jobs a month.
Tom Gimbel, CEO of LaSalle Network, a Chicago staffing firm, says placements were up 30% last year. Companies, he said, boosted hiring as sales rose and concerns over the new health care law have faded.
A similar pattern is shaping up this year, he says, with placements up 80% vs. a year ago. “I think companies are cranking it out,” he says.
Chief Economist, Frank Nothaft, gives a video preview of the January 2013 U.S. Economic and Housing Market Outlook.
MCLEAN, VA–(Marketwire – Jan 15, 2013) – Freddie Mac (OTCBB: FMCC) released today its U.S. Economic and Housing Market Outlook for January showing that despite the fiscal uncertainties facing the country, consumer confidence has remained fairly resilient in recovering from its Great Recession lows, buoyed by improving labor and housing market news. Unfortunately, business owners and managers are more sanguine about the nation’s business outlook than consumers seem to be.
December registered 155,000 job gains and November’s payrolls were revised up 24,000, bringing the employment increase for 2012 to 1.86 million, the best since 2006.
Assuming the uncertainty of the fiscal policy debates during the first quarter fails to derail the economic expansion, the U.S. will likely see about two million new jobs created in 2013, gradually nudging the unemployment rate lower.
Over the first 11 months of 2012, home sales were up 9 percent from the same period of the prior year; similar gains are projected for 2013.
With the unemployment rate in December holding at an elevated 7.8 percent, it’s likely to ensure a continuation of an accommodative policy stance by the Federal Reserve through the coming year. Therefore, relatively low interest rates will continue to be a feature of mortgage lending and the broader capital markets in 2013.
A short preview video and the complete January 2013 U.S. Economic and Housing Market Outlook are available here. Freddie Mac compiles data on major economic and housing and mortgage market indicators and offers forecasts based on those indicators.
Quotes Attributed to Frank Nothaft, Freddie Mac vice president and chief economist.
“As we begin 2013, the economy is undoubtedly at a better place now than at this time in 2012. And despite the clouds of fiscal uncertainty facing the country, positive jobs reports and the strengthening housing market continue to be the bright spot as we begin the New Year.”
Get the latest information from Freddie Mac’s Office of the Chief Economist on Twitter: @FreddieMac
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.
Welcome back to Curbed Comparisons, a column that explores what one can rent for a set dollar amount in various New York City neighborhoods. Is one man’s studio another man’s townhouse? Let’s find out! Today’s price: $2,900/month.
↑ We begin this week’s tour of Manhattan and the cool parts of Brooklyn on the Upper West Side, where this 700-square-foot 1BR with lofted storage space is available for $2,800/month. It also includes a small balcony with views of some vine-covered trees.
↑ In Greenpoint, this 803-square-foot 1BR is around five years old and costs $2,900/month. The kitchen looks fancy.
↑ In this Greenwich Village1BR, all of the rooms appear to be decent-sized, which is a big plus. It also has four windows and costs $2,850/month.
↑ On the Lower East Side, a newly construction, 638-square-foot 1BR is available for $2,800/month. There are a bunch of closets and a cute little butterfly painting on one of the walls.