Darren Orshoff

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What’s Ahead For Mortgage Rates This Week – January 25, 2021

January 25, 2021 by Darren Orshoff

What's Ahead For Mortgage Rates This Week - January 25, 2021Last week’s economic reporting included readings from the National Association of Home Builders Housing Market Index, along with Commerce Department readings on housing starts and building permits issued. The National Association of Realtors® reported on sales of previously-owned homes; weekly readings on mortgage rates and jobless claims were also released.

NAHB: Home Builders’ Housing Market Index Falls in January

Homebuilder confidence in housing market conditions fell three points to an index reading of 83 in January. The National Association of Home Builders Housing Market Index expected a reading of 85 for January as compared to December’s index reading of 86. Increasing covid-19 cases and rising materials costs caused builder confidence to fall as builder concerns rose.

The NAHB Housing Market Index remained strong as any reading over 50 indicates positive builder sentiment toward housing markets. Component readings for January’s Housing Market Index also fell; builder confidence in current market conditions fell two points to an index reading of 90. Homebuilder confidence in market conditions for the next six months also fell two points to 83. Builder confidence in buyer traffic in new housing developments dropped five points to an index reading of 68. Readings of more than 50 for buyer traffic were rare until the covid-19 pandemic started.

Conflicting factors impacted home builder confidence readings. Home sales rose as urban homeowners sought new and larger homes in the suburbs and rural areas, labor shortages, and rising materials expenses worried home builders.

Housing Starts and Building Permits Rose in December

The Commerce Department reported a seasonally-adjusted annual pace of 1.67 million housing starts as compared to November’s reading of 1.547 million starts. Building permits issued rose in December with 1.709 million permits issued annually as compared to November’s reading of 1.635 million housing starts.

The National Association of Realtors® reported 6.76 million sales of previously-owned homes sold as of December on a seasonally-adjusted annual basis. Home sales are increasing although demand exceeds available inventory and home prices continue to rise.

Mortgage Rates, Jobless Claims Lower

Mortgage rates fell last week with the average rate for 30-year fixed-rate mortgages two basis points lower on average at 2.77 percent. Rates for 15-year fixed-rate mortgages averaged 2.21 percent and were two basis points lower. Rates for 5/1 adjustable rate mortgages averaged 2.80 percent and 32 basis points lower. 

First-time jobless claims fell to 900,000 claims filed as compared to the prior week’s reading of 926,000 new claims filed. Ongoing jobless claims were also lower last week with 5.05 million continued claims filed as compared to 5.18 million claims filed the previous week. 

What’s Ahead

This week’s scheduled economic reporting includes readings from Case-Shiller Home Price Indices, the FHFA House Price Index, and the Federal Reserve’s Statement from its Federal Open Market Committee. Monthly readings on new home sales and consumer sentiment will also be published. Weekly readings on mortgage rates and jobless claims will also be released.

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Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

How To Stretch Home Improvement Dollars The Most

January 22, 2021 by Darren Orshoff

How To Stretch Home Improvement Dollars The MostThere are lots of homeowners who are looking for a way to improve the quality of their home while also increasing the value of their property. Unfortunately, a lot of home improvement ideas can be prohibitively expensive. It is not unusual for homeowners to spend six figures on a renovation project. On the other hand, there are also home improvement ideas that will not break the bank.

What are a few of the top ideas that homeowners should consider? 

Start With A Few Quality Ceiling Fans

First, homeowners should consider starting with a few quality ceiling fans. Because a lot of homeowners do not look up at the ceiling on a regular basis, they may not realize just how old their ceiling fans are. Therefore, homeowners should consider updating their ceiling fans. Ceiling fans should be hung between 7 and 8 feet above the floor. Now, there are advanced Energy Star ceiling fans that will help homeowners lower their utility bills while also increasing the value of their property. Finally, even advanced ceiling fans are not that expensive. 

Consider Planting Some Trees In The Yard

Another idea that homeowners need to consider involves planting trees. Planting trees will not only prevent erosion from the property but can also lower energy costs. Trees can protect the property from rain, wind, and the sun. Furthermore, as trees grow over time, they also increase the curb appeal of a property, driving up the value of the home. Even though a lot of people say that money does not grow on trees, planting a few trees in the yard can help homeowners save a lot of money while also boosting their home’s value. Fortunately, planting trees are also not that expensive. 

Increase The Quality Of The Insulation In The Home

Finally, a lot of homeowners neglect the quality of the insulation in the home. Even though this might not be as attractive as a complete kitchen or bathroom remodel, upgrading the insulation of the home reduce its utility bills. Furthermore, upgrading the installation is not that expensive. Homeowners should consider taking a closer look at the insulation of their homes every few years. There may be ways to save a significant amount of money.

 

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Filed Under: Real Estate Tips Tagged With: Around The Home, Ceiling Fans, In the Yard

The Top Ways To Upgrade The Exterior Of The Home On A Budget

January 21, 2021 by Darren Orshoff

The Top Ways To Upgrade The Exterior Of The Home On A BudgetThere are a lot of people who are spending more time at home these days. As the temperature starts to warm up once again, there are some homeowners who are looking for ways to upgrade the outside of their home. Even though there are some people who are looking at installing a brand new patio or deck, this can be extremely expensive. Fortunately, there are ways that homeowners can completely transform the exterior of their home without breaking the bank. Take a look at a few of the top ideas below.

Consider Adding An Outdoor Rug

First, homeowners should consider adding an outdoor runner or rug to the exterior of their home. Because this run is going to be outside, try to go with bright colors. Furthermore, there are also specific runners and rugs that have been designed specifically to stand up to the wear and tear of the outdoors. Consider adding a rug that leads from the patio door to the deck. Or, think about placing an area rug underneath the table outside. This can completely change the look of the patio.

Think About Installing A Swinging Chair

For those who are looking for a way to relax outside, consider installing a few swinging chairs. In some situations, homeowners might be able to attach a swinging chair directly to the awning outside. In other situations, it might be a smart idea to install a swinging chair that hangs from a tree in the yard. It is important to make sure the awning or the tree is able to support the chair before it is installed. Then, add a bright cushion to the chair and relax outside with a great book! 

Use Citronella Candles

Anyone who likes to spend evenings outside under the stars should consider using candles. Specifically, think not using citronella candles. Citronella candles will help keep the mosquitoes away in addition to adding a majestic fuel to the outdoors. Think about using them on top of poles that line the walkway. This is a great way to add a little bit of ambiance to an evening party.

Consider a few of these ideas to completely change the exterior of the home in a budget-friendly way.

 

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Filed Under: Real Estate Tips Tagged With: Exterior Upgrades, Home Improvements, Upgrading Home

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Darren Orshoff

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