Home mortgage rates slipped to their lowest rates on record as uncertainty over the coronavirus continued to impact financial markets. Freddie Mac reported lower average mortgage rates for fixed and adjustable-rate mortgages. Rates for 30-year fixed-rate mortgages fell by 16 basis points to 3.29 percent; the average rate for 15-year fixed-rate mortgages was also 16 basis points lower at 2.79 percent. Mortgage rates for 5/1 adjustable-rate mortgages were two points lower on average at 3.18 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.20 percent for 5/1 adjustable rate mortgages. The 10-Year Treasury Yield, which tracks with mortgage…

Economic readings released last week included Case-Shiller and FHFA Home Price Indices and reports on new and pending home sales. The week wrapped up with a report on consumer sentiment and weekly readings on mortgage rates and new jobless claims. Case-Shiller, FHFA Report Faster Home Price Growth Home prices rose by 3.80 percent year-over-year in December according to Case-Shiller’s National Home Price Index. Case-Shiller’s 20-City Home Price Index rose by 2.90 percent year-over-year in December as compared to November’s reading of a 3.50 percent gain over-over-year; Case-Shiller reported 0.40 percent growth in home prices from month-to-month. The 20-City Home Price…

Last week’s scheduled economic reporting included readings on builder confidence in housing markets, housing starts and building permits issued and sales of previously owned homes. Weekly readings on mortgage rates and first-time jobless claims were also released. NAHB: Builder Confidence Remains Strong Despite Challenges February data from the National Association of Home Builders indicated strong builder confidence in housing market conditions overall, but February’s index reading was one point lower at 74. Readings over 50 indicate that most builders have a positive outlook on housing market conditions. Homebuilder outlook remained positive, although building materials and buildable lots remained costly. Demand…