30 Year Fixed Conventional - 4.75% | 15 Year Fixed Conventional - 4.25%
5/1 ARMs Fully Amortized - 3.875% | 7/1 ARMs Fully Amortized - 4.375%
The current national average for a 30 Year Conventional Mortgage is at 5.03%. The average rate for a 30 Year Conventiaon Mortgage in Georgia for the week ending 8/30/09 was at 5.11%.
Two housing-related reports were released today. First was Construction Spending which measures the amount of spending on construction on new home building. With an excess supply of existing homes on the market, the less new construction would help to liquidate the existing inventory. The report indicates that construction spending for July declined more than expected posting a month over month decrease in construction spending of 0.2%. For more information on the Census Bureau's Press Release, go to http://www.census.gov/const/C30/release.pdf.
The second report released today was the Pending Home Sales Index from the National Association of Realtors. This tracks purchase transactions that are in process, but not yet closed. The numbers released today were an improvment for the sixth straight month, a pattern not seen in the history of the index since it began in 2001. For access to the PHSI go to http://www.realtor.org/files/research/a493fecf8e5d48868b9d2261a7807ced/phs0907.pdf. It appears that the government stimulus for first time home buyers, along with historically-low rates and home prices are having a positive effect on the housing sector of the economy.
Market Highlights:
-FNMA 4.5 Coupon is currently at 100.60, UP 15bps
-10 YR currently at 3.7985, UP 6/32nds
-The DOW has continuted to lose down 185+ points
