Housing Snapshot - July 19, 2004 - 7/19/2004 - Mortgage Loan Refinance Debt Equity

Housing Snapshot - July 19, 2004

Mortgage interest rates moved down slightly last week, with retail sales, industrial production and prices all on the decline. Freddie Mac Chief Economist Frank Nothaft said he expects to see no significant increase in those rates in the immediate future. Federal Reserve Board Chairman Alan Greenspan prepared to address the Congress this Tuesday and Wednesday, and he was expected to say that the Fed's new policy of measured increases in interest rates remains appropriate for current economic conditions. The Consumer Price Index increased by 0.3% in June, half the rate of the previous month, and the Producer Price Index declined 0.3%. It was up 0.7% in April and 0.8% in May. On the lumber price front, the cost of framing lumber started moving up again following a few weeks of softening. The cost of 1,000 board feet climbed $14 to $419, according to Random Lengths. Brazilian imports continued to increase the supply and lower the prices of panels, Random Lengths reported. The price of 15/32-inch 3-ply CDX southern west-east plywood was $300 per 1,000 square feet, up $5 from the previous week. Oriented strand board continued to decline in price, falling to $275 from $290 during the prior week.