Lake Tahoe Home Loans and Lake Tahoe Mortgage Rates:
The Commerce Department reported today that Housing Starts rose by 5.9% in July from June led by a big rise in apartment starts. There were 896,000 new homes constructed on an annual basis, nearly inline with expectations. Multiple-unit dwellings surged by 25.5% while single-family starts fell by 2.2%. Building Permits, a sign of future construction, came in at 943,000, above the 934,000 expected. The sector continues to improve, despite the recent rise in home loan rates.
Consumers weren’t feeling as giddy in early August as compared to July as interest rates climbed, which could eventually stunt the growth in the housing industry. The Consumer Sentiment Index fell to 80.0 in early August from the 85.1 registered in July. Higher taxes and continued elevated unemployment has been a few of the problems that weigh on consumers minds.
Freddie Mac reported yesterday that the average 30-year fixed conventional home loan rate is at 4.40%. But the media fails to tell consumers is that to obtain that rate, a potential borrower would have to pay 0.7 in points and fees. This Home loan rates have moved up from the record lows seen back in late April and early May.