George L. Duarte - Mortgage Loans Fremont California Horizon Financial Associates

What’s Ahead For Mortgage Rates This Week – April 22nd, 2019 Last week’s economic news included readings on home builder confidence in housing market conditions and Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage ratees and first-time jobless claims were also released.

NAHB Housing Market Index: Builder Confidence Rises One Point in April

Home Builder Confidence readings posted by the National Association of Home Builders held steady for April and rose one point overall. Component readings for the NAHB Housing Market Index were mixed; builder confidence in current housing market conditions rose one point to an index reading of 69, but builder confidence in housing market conditions in the next six months fell one point to 62.

Home builder confidence in potential buyer traffic rose three points to 47. NAHB Housing Market index readings above 50 indicate that most builders view market conditions as positive, but the reading for buyer traffic seldom rises above 50.

Housing Starts and Building Permits Issued Fall Short of Expectations in March

Commerce Department reports on housing starts and building permits issued in March were lower than in February and fell short of analyst expectations. Housing starts were reported at a seasonally adjusted annual pace of 1.139 million starts. Analysts expected housing starts at an annual rate of 1,225 billion starts based on February’s reading of 1.142 million starts.

Builders continued to experience headwinds including higher materials costs, shortages of buildable lots and a lack of skilled labor. Analysts cited disparities between new housing developments, which tend to favor luxury homes and the need for affordable housing.

Exclusionary zoning and neighborhood politics can block construction of affordable housing in desirable areas; legal and zoning constraints prevent builders from producing enough affordable homes to meet demand. Housing starts year-to-date were 9.70 percent lower than for the same period in 2018.

Fewer building permits were issued in March than in February. 1.269 million permits were issued on a seasonally adjusted annual basis as compared to expectations of 1.300 million permits issued and February’s reading of 1.291 million permits issued.

Mortgage Rates Rise as New Jobless Claims Fall

Mortgage rates were higher last week as average rates for fixed rate mortgages rose. 30-year mortgage rates averaged five basis points higher at 4.17 percent. Rates for 15-year fixed rate mortgages averaged two basis points higher at 3.62 percent.

Mortgage rates for 5/1 adjustable rate mortgages averaged two basis points lower at 3.78 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent 5/1 adjustable rate mortgages.

First-time jobless claims fell by 5000 new claims to 192,000 initial claims; this was significantly lower than 204,000 new claims expected.

What‘s Ahead

This week’s scheduled economic news includes reports on sales of new and pre-owned homes and consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

4 Ways A Little Paint Can Revitalize Your Home Fixing up your home doesn’t have to be a budget-breaker. You can revitalize the look of your property with a little bit of paint in the right places.

Here are some areas that will really stand out to visitors or prospective home buyers.

1. Front Door

The front door always makes the first impression on visitors to your home. Remember that while they are waiting to enter your home, potential buyers have nothing to do except get a good look at your front door. For maximum impact, paint the front door a contrasting color to your house color. If budget allows, add a new door knocker and door knob.

2. Shutters

Vinyl shutters are very affordable when you buy them online. Before you hang them, use a spray paint gun to paint them in a matching color with your front door, or a contrasting color to your house color.

3. Interior Trim

If your home still has bare wood trim throughout, consider painting it. This will instantly modernize your home since exposed wood trim tends to date a house. The best trim color is actually a creamy shade – not white. White trim can come off as a little harsh, and your goal in most cases is to make your home look as warm as possible.

Based on the results after painting the trim, you may find that you don’t even need to worry about repainting the walls. Instead, just spot clean walls in areas where they most need it.

4. Statement Wall

Another way that a little paint can revitalize your home for sale is to paint just one wall in a room with a contrasting color. This is commonly called a “statement wall” because it helps define the room and make a big impact on guests.

Note that oil-based paint leaves a residual odor for quite some time. If your home is being listed soon, you’re probably better off using acrylic paint. Consult with your paint store representative for details.

These projects can all be accomplished by anyone who’s a little bit handy around the home. With a little paint and some elbow grease, your home will be picture perfect.

If you are interested in refinancing your home or accessing some of your equity for home improvement projects, contact your trusted home mortgage professional to discuss current financing options.

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