A new analysis of housing data from 24/7 Wall Street revealed that a full, nationwide recovery of single-family home values might still be 2 ½ years away. Values are on the rise, but some markets—particularly those in Western states including California—have recovered more quickly. Looking at other current economic data, new orders for U.S. factory goods rose unexpectedly in February — good news for a sector that accounts for 12% of the U.S. economy but that is negatively affected whenever the dollar is gaining strength, as it is now. Also, last week, initial jobless claims fell close to their lowest levels in 15 years according to the Labor Department’s jobs report. Claims decreased by 20,000 to a seasonally adjusted 286,000 in the week ending on March 28th. Thursday’s jobs report also showed that the number of people continuing claims for unemployment assistance fell by 88,000 — meaning that the number people discontinuing assistance is exceeding the rate at which new people need help.
Conforming no point 30 year fixed rates average 3.75 percent while 15-year rates are closer to 3 percent.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.