Housing Snapshot - February 28, 2005 Mortgage rates ticked up for the second consecutive week, according to Freddie Mac, while still remaining at affordable levels. Frank Nothaft, Freddie Mac's chief economist, predicted that a lower-than-expected rise in the Consumer Price Index (CPI) and a subsequent decline in bond yields could push mortgage rates back to where they were a week or two earlier. Despite indications of declines in housing sales in January, he said that "continuing low interest rates will keep the housing sector active for some time to come." The Labor Department reported that the CPI was up a scant 0.1% in January. The Commerce Department repored good news for the economy last week with growth in the Gross Domestic Product running at 3.8% in last year's fourth quarter, up from an earlier estimate of 3.1%. Lumber prices, which had been rising in recent weeks, came almost to a standstill last week, according to Random Lengths. The cost of framing lumber rose from $426 to $427 per 1,000 board feet; it was $384 one year earlier. The panel composite price, which includes plywood and oriented strand board, dropped from $459 to $457 per 1,000 square feet, compared to $571 a year earlier. 
 | Mortgage Interest Rates | | 30-Year Fixed-Rate | 5.69% | | 15-Year Fixed-Rate | 5.22% | | 1-Year ARM | 4.16% | | Housing Starts - Jan. 2005* | | Total | 2.159 milliom | | Single-Family Starts | 1.76 million | | Multifamily Starts | 399,000 | New Home Sales
Jan. 2005* | 1.106 million | Existing Home Sales
Jan. 2005* | 6.81 million | | * Seasonally adjusted annual rate |
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