Home builder confidence has increased a dramatic 116% from a reading of 25 in January 2012.
Chicago, IL (PRWEB) November 18, 2013
Peoples Home Equity is proud to echo positive economic news released by the National Association of Home Builders today, November 18th. Home builder confidence remained unchanged for the month of November. The data confirms the strength of the housing market, and the need for prospective home buyers to apply for a home loan today before home prices and mortgage rates may rise further.
Home builder confidence posted a reading of 54 today which was the same as its reading for October. Even though the consensus figure was 55 the market was still content with a relatively high number when compared to pre-January 2012 levels of below 20, in fact, the current reader is approaching levels not seen since 2003-2006. Home builder confidence has increased a dramatic 116% from a reading of 25 in January 2012.
The mortgage rate markets reacted to the positive confidence data by moving the Freddie Mac 30-year fixed rate up by 0.19 to 4.35% and the 15-year fixed rate up by 0.08% to 3.35%. The Freddie Mac 30-year fixed rate has now risen for the past 2 weeks. Meanwhile, existing home sales data will be released on Wednesday, November 20th. If existing home sales post a figure higher than both analyst estimates (5290K) and its October reading (5130K) then Peoples Home Equity expect a further rise in the Freddie Max 30-year fixed rate. The lender encourages prospective home buyers to prepare for a high interest rate environment by applying for a home loan today. One can easily get pre-approved for a mortgage using Peoples Home Equity’s “Home Loan Quick Qualifier” field shown a most of their webpages.
Getting pre-approved is especially important given that the more positive economic data is release; the higher chance The Federal Reserve will taper is monthly asset repurchase program (QE3). In addition, homes have become less affordable now versus 6-12 months ago as home prices have risen over 10% in the past 12 months and household incomes have remained unchanged over the past 6 months. Prospective home buyers have much to gain from being pre-approved for a loan since they can filter their property search by the credit permitted for purchase.
Please visit PeoplesHomeEquity.com to quickly apply for a home loan. Or call a mortgage representative today for a no obligation conversation regarding their loan options.