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

What’s Ahead For Mortgage Rates This Week – April 8th, 2019 Last week’s economic news included readings on construction spending and inflation; labor sector reports on the national unemployment rate, public and private sector employment were also released. Weekly readings on mortgage rates and new jobless claims were also released.

Construction Spending Rises, Retail Sales Slip

Construction spending expanded by one percent in February according to the Commerce Department spending was one percent higher month-to-month; analysts expected a negative reading of -0.10 percent. February saw a revised gain of 2.50 percent growth in construction spending.

Construction spending grew 1.10 percent year-over-year; by comparison, 2016 construction spending reached 10 percent year-over-year. High demand for homes and lower mortgage rates could compel more construction spending as the peak home-buying season starts.

Retail sales slowed in February, but January retail readings were strong. Sales dipped -0.20 percent as compared to 0.30 percent growth expected and January’s reading of 0.70 percent. Retail sales excluding automotive sales fell to a negative reading of -0.40 percent in February as compared to expected sales growth of 0.40 percent and January’s reading of 1.40 percent growth.

Mortgage Rates Mixed, New Jobless Claims

30-year fixed mortgage rates rose two basis points on average to 4.08 percent; rates for 15-year fixed rate mortgages averaged one basis point lower at 3.56 percent and rates for 5/1 adjustable rate mortgages were nine basis points lower and averaged 3.66 percent.

Discount points averaged 0.50 percent for 30-year fixed rate mortgages and 0.40 percent for 15-year fixed rate and 5/1 adjustable rate mortgages. Would-be home buyers are expected to join active buyers as lower rates hold steady and warmer weather arrives.

First-time jobless claims fell last week with 202,000 initial claims filed. Analysts expected 216,000 first-time jobless claims based on 212, 000 new jobless claims filed the prior week.

Jobs Data Varied, but Unemployment holds Steady

ADP reported 129,000 private-sector jobs added in March as compared to 197,000 jobs added in February and an expected reading of 165,000 jobs added. Loss of manufacturing jobs caused private-sector jobs growth to fall to its lowest reading in 18 months.

Government readings for public and private jobs growth was higher in March with 196,000 jobs added; this was significantly higher than February’s slim reading of 33,000 jobs added. The national unemployment rate was unchanged at 3.80 percent, which matched expectations.

What‘s Ahead

This week’s scheduled economic news includes readings on inflation, minutes from the most recent FOMC meeting and consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

Reduce Your Carbon Footprint with These DIY Home Projects Your carbon footprint is the measure of your impact on the earth’s natural resources. This number describes the amount of fossil fuel it takes to support your lifestyle. In the United States, each person produces an average of 19.78 tons of carbon dioxide every year. A high carbon footprint means your daily habits are a quickening drain on our finite resources.

Homeowners can use these DIY projects to reduce the effect of their lifestyle on the environment.

Try Solar Solutions

A residential solar system gathers photo-voltaic energy from the sun and converts it into usable electrical current. Once installed, any energy your system produces is essentially free. However, the initial investment for a residential solar system to power your entire home can be prohibitively high. There are some ways to use solar power without a large upfront investment.

Take advantage of state and federal incentives to lower your out-of-pocket costs.
Opt for individual appliances like solar water heaters or solar lighting.
Talk to your utility provider about existing programs that allow you to sell back your excess power for bill credits.

You could also get your neighbor involved and build a neighborhood solar bank for charging batteries and electric vehicles.

Plant A Vegetable And Herb Garden

Food transportation is one of the leading contributors to greenhouse gases. Reduce your impact even further by growing some of your own food. Use containers, shelves, or construct a hanging wall garden to keep your home supplied with salad greens, tomatoes, and herbs of all kinds. Having a garden means fewer trips to the grocery store, which saves our supplies of natural gas.

Install A Clothesline

Skip the gas-powered appliances and hang your freshly washed laundry out on a clothesline to dry. When the weather is nice, your clothes will come back in with a sweet scent you can’t get anywhere else. And instead of spending the time staring at a spinning machine, you get the added benefit of fitting a little extra exercise into your day. You don’t have to completely ditch your dryer. Save it for rainy days or other unfriendly weather conditions.

Lowering your carbon footprint doesn’t have to be a big life change. Start with small steps and slowly build your property in an earth-friendly fortress.

If the projects or renovations you want to do are extensive, it may be a good time to contact your trusted home mortgage professional to discuss a refinance or a home equity loan.

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