Housing Snapshot - August 30, 2004 Mortgage interest rates edged up just a tad last week as the markets continued trying to make sense of a mixed batch of economic signals. Oil prices shifted downward, and that was a good thing, although they could be up again this week. Also encouraging was a rise in consumer spending in July. Growth for the second quarter was revised downward to 2.8%, down from 4.5% in the first quarter, with a widening trade deficit largely to blame. Predictions for growth in the current quarter are generally in the 3%-4% range. Federal Reserve Board Chairman Alan Greenspan was off in Jackson, WY, at the end of last week to consider how to keep the Social Security system afloat as the baby boom generation moves into its retirement years. The nation's population over 65 will double by 2035, and Greenspan recommends raising the qualifying age for full Social Security benefits. Lumber prices were up only marginally last week, but remained high. The cost of framing lumber was unchanged at $473 per 1,000 board feet, up from $368 a year earlier, according to Random Lengths. The price of 15/32-inch 3-ply southern (west-east) exterior sheathing climbed $5 to $440 per 1,000 square feet, and oriented strand board advanced $10 to $405. 
 | Mortgage Interest Rates | | 30-Year Fixed-Rate | 5.82% | | 15-Year Fixed-Rate | 5.21% | | 1-Year ARM | 4.05% | | Housing Starts - Jul. 2004* | | Total | 1.978 million | | Single-Family Starts | 1.651 million | | Multifamily Starts | 327,000 | New Home Sales
Jul. 2004* | 1.134 million | Existing Home Sales
Jul. 2004* | 6.72 million | | * Seasonally adjusted annual rate |
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