Housing Snapshot - September 6, 2004 Mortgage interest rates were down last week, largely because of ongoing questions about the strength of the nation's economy. Consumer confidence dropped and retail sales were up a sluggish 1.1% in August, which is usually the second strongest month of the year because of back-to-school expenditures. The jobs report, on the other hand, showed the economy starting to perk up from its summer doldrums. The Commerce Department reported that 144,000 jobs were added in August, about what the economy needs to accommodate population growth. The month's unemployment rate fell to 5.4%. The new week began on a healthy note, with oil prices falling. The cost of framing lumber dropped $6 to $467 per 1,000 board feet, Random Lengths reported. The price of 15/32-inch 3-ply southern (west-east) exterior sheathing was unchanged at $440 per 1,000 square feet, and oriented strand board was up $7 to $412. 
 | Mortgage Interest Rates | | 30-Year Fixed-Rate | 5.77% | | 15-Year Fixed-Rate | 5.15% | | 1-Year ARM | 3.97% | | 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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