Survey says: No healthcare ‘crisis’
In our most recent HSH Market Trends survey, we asked our readers to weight in on health care reform. The people have spoken (click the image for full size):
Survey results: What’s on your mind?
We let our most recent Quick Survey, What’s on your mind?, run longer than usual, mostly because there was a lot of ground to cover there.
As usual, we found some pretty interesting results. Click the image for a full-sized version.
“Rates, Economic Signals Mixed”
According to the latest issue of HSH’s Market Trends Newsletter, “Rates, Economic Signals Mixed,” while an economic recovery has yet to be in our grasp, “we do seem to be trending along the bottom of the economic trough.”
“Low mortgage rates continue to promote homebuying and especially refinancing activity. This week, the overall average for long-term mortgage money as referenced by HSH’s Fixed-Rate Mortgage Indicator decreased by nine basis points (.09%) to finish the week at 5.44%. The FRMI’s 5/1 Hybrid ARM counterpart also trended down, landing at an average 5.19% for the period.”
“Rates Still Easing; New Record Low for Conforming”
For any potential home buyers out there deciding whether or not to pursue a home loan, this may be your sign. According to the latest issue of HSH’s Market Trends Newsletter, “Rates Still Easing; New Record Low for Conforming,” while some economic news improved last week, Conforming loan rates fell to a new record low.
“Perhaps the week’s decline in mortgage rates and the improvement in stocks was a coincidence, but it was the first week in a while without any major new government initiative to roil the markets.”
Mortgage Rates, Like Economy, Flat
According to the latest issue of HSH’s Market Trends Newsletter, “Mortgage Rates, Like Economy, Flat,” the bad economic news that “used to bring the silver lining of lower mortgage rates,” hasn’t helped as it has in the past.
“Mortgage rates were pretty flat. HSH’s overall average for the cost of mortgage money — our Fixed-Rate Mortgage Indicator (includes conforming, jumbo and ‘expanded conforming’ interest rates) — rose again this week by three basis points to land at 5.82%. The FRMI’s 5/1 Hybrid companion slipped back by four basis points, closing the survey week at 5.51%. Although jumbo 30-year FRMs slipped back a little to 6.73%, conforming FRMs rose by seven basis points.”
Quick Survey: How About That HASP?
The latest poll on HSH’s Market Trends Newsletter asks readers to share their opinions on the new “Housing Affordability and Stability Plan.”
Here are the latest results (this is still an open poll):
85.6% of readers say they do not approve the new housing plan.
Steady Rates Amid Big Government Plans
Despite the anticipation that surrounded the government’s unveiling of their latest housing-rescue initiative, mortgage rates were only marginally inspired. According to the latest issue of HSH’s Market Trends Newsletter, Steady Rates Amid Big Government Plans, “The government’s plans to spend hundreds of billions of dollars to goose the economy, plus hundreds of billions more for housing and mortgage markets, failed to produce much enthusiasm.”
“Mortgage rates held firm throughout considerable market turbulence. The holiday-shortened week saw HSH’s overall average for the cost of mortgage money — our Fixed-Rate Mortgage Indicator (includes conforming, jumbo and ‘expanded conforming’ interest rates) — rise by three basis points to land at 5.79%. The FRMI’s 5/1 Hybrid counterpart rose by a lone basis point to 5.55%. Conforming FRM rates eased to an average 5.22%, while 30-year FRM jumbos rose by eight basis points.”
Rates Tip Backward; Stimulus and More Coming
According to the latest issue of HSH’s Market Trends Newsletter, Rates Tip Backward; Stimulus and More Coming, “A weeks-long run of rising mortgage rates ended this week despite vague pronouncements from the new Treasury Secretary about forthcoming plans for the second $350 billion of TARP money.”
“For the week, HSH’s overall average for the cost of mortgage money — our Fixed-Rate Mortgage Indicator (includes conforming, jumbo and ‘expanded conforming’ interest rates) — dropped by eighteen basis (.18%) points to land at 5.76%, the lowest such average in a month. As mortgage rates have risen over the past few weeks, there has been a corresponding slide in applications for home loans, according to the Mortgage Bankers Association of America. Among other factors, at least some of the increase can be attributed to lenders pricing ‘defensively’ to temper an unmanageable crush of business, and it would seem that the crush has subsided enough to warrant an attempt to attract more business.”
Home Mortgage Rates Creep Upward
According to the latest issue of HSH’s Market Trends Newsletter, “Home Mortgage Rates Creep Upward,” while there are several factors that have led to a rise in mortgage rates, the 10-year Treasury remains a factor at the forefront:
“Mortgage rates moved a little higher amid the raging “stimulus” debate. It seems to us that more than one factor is the cause behind the mild lift in rates, not the least of which are glimmers of hope amid the economic data.”
Market Trends survey results
Our latest Weekly Market Trends survey is now complete, and the results are interesting.
We asked: How do you rate your optimism for the incoming Administration? Nearly 41% of those voting claimed to be “Not terribly optimistic,” compared to about 36% who are “Somewhat optimistic” and just 24% who seem to be “Very optimistic.
When we asked What do you think Obama’s priorities should be?, a whopping two-thirds voted for “Cut wasteful spending.” The economic stimulus package garnered 47%. (This was a multiple-choice question.)
