mortgage rate outlook: What's Ahead For Mortgage Rates This Week - January 25, 2021
- 01/25/21 10:09 AM
Last 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 … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - September 14, 2020
- 09/14/20 11:29 AM
Last week’s economic news included readings on inflation, job openings, and weekly reports on jobless claims and mortgage rates.
Inflation Rate Slows in August
After posting 0.60 percent growth for each month in June and July, the Consumer Price Index rose by 0.40 percent in August. These growth rates offset declines in inflation during the first three months of the COVID-19 pandemic. Used vehicle prices increased after deep discounts offered when the pandemic started; analysts said that rising prices for used vehicles offset losses in previous months and produced low inflation for August.
Core inflation, which excludes volatile food and energy sectors, mirrored … (1 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - August 31, 2020
- 08/31/20 11:03 AM
Last week’s economic news included readings from Case-Shiller Home Price Indices, along with data on new and pending home sales. Weekly readings on mortgage rates and new and continuing jobless claims were also published.
Case-Shiller: Home Price GrowthHolds Steady in June
National home prices grew at a seasonally-adjusted annual pace of 4.30 percent in June, which was unchanged from May’s year-over-year growth rate for home prices. The 20-City Home Price Index rose by 3.50 percent year-over-year in June.
Phoenix, Arizona reported the leading year-over-year home price growth rate of 9.00 percent. Seattle, Washington held second place with a year-over-year home price growth … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - August 10, 2020
- 08/10/20 08:20 AM
Economic readings released last week included construction spending, public and private-sector job growth, and government reports on initial and continuing jobless claims. Freddie Mac also released its weekly report on average mortgage rates.
Construction Spending Falls in June
Commerce Department reporting for June showed lower construction spending for the fourth consecutive month, but spending fell by -0.70 percent as compared to May’s negative reading of -1.70 percent. June’s construction spending was $1.36 million at a seasonally adjusted annual rate.
Residential construction spending fell by 1.50 percent in June as public construction spending fell by -0.70 percent. Analysts said that construction spending has held … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - August 3, 2020
- 08/03/20 07:28 AM
Last week’s economic reports included readings from Case-Shiller Home Price Indices, data on pending home sales, and the consumer sentiment index released by the University of Michigan. The Federal Reserve released a statement from its Federal Open Market Committee and Fed Chair Jerome Powell gave a press conference. Weekly readings on mortgage rates and expanded reports on jobless claims were also released.
Case-Shiller Home Price Readings Showed Slowing Home Price Gains in May
May readings from Case-Shiller Home Price Indices showed no decline in home prices, but the national pace of home price growth slowed to 4.50 percent from April’s national average … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - July 27, 2020
- 07/27/20 08:33 AM
Last week’s economic reporting included readings on sales of new and previously owned homes. State and federal data on new and continuing jobless claims were released along with Freddie Mac’s weekly report on mortgage rates.
Sales of New and Existing Homes Rise in June
Sales of new homes rose at their highest rate in 13 years according to the Commerce Department. New homes sold at a seasonally-adjusted annual pace of 776,000 sales, which exceeded the expected reading of 710.000 new single-family homes sold and May’s reading of 682,000 new homes sold. Analysts said that increased interest in relocating to suburban areas and … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - July 20, 2020
- 07/20/20 06:12 AM
Last week’s economic reports included readings from the National Association of Home Builders on housing markets along with Commerce Department data on housing starts and building permits issued. Weekly reports on mortgage rates and unemployment claims were also released.
NAHB: Builder Confidence in Housing Markets Increases in July
Homebuilders gained confidence in housing market conditions as home buyers sought homes in less-congested suburban areas. Builder confidence rose 14 points to an index reading of 72 in July. NAHB Chair Chuck Fowke said, “Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean.”
Homebuyers sought larger … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - July 13, 2020
- 07/13/20 10:09 AM
Last week’s scheduled economic news included readings on consumer credit, job openings, jobless claims, and mortgage rates.
Consumer Borrowing Declined at Slower Pace in May
According to Federal Reserve data, consumer borrowing fell at a slower annual pace of -5.30 percent in May as compared to April’s reading of -20 percent. Non-revolving consumer credit, which includes vehicle and student loans, increased by 2.30 percent in May. The Federal Reserve does not report on real estate loans.
Federal assistance programs including the first round of stimulus checks, additional unemployment payments and support for businesses contributed to better readings for the economy in May, but … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - July 6, 2020
- 07/06/20 10:02 AM
Last week’s scheduled economic reports included readings on pending home sales, Case-Shiller Home Price Indices, and labor sector reports on private and public-sector job growth. Data on construction spending was also released. Weekly readings on mortgage rates and jobless claims were also released.
Pending Home Sales Jump in May
Sales of homes for which purchase contracts were signed rose by 44.30 percent in May and was the highest month-to-month increase recorded since the report’s inception in 2001..Pending home sales are sales with signed purchase contracts but aren’t closed.
Lawrence Yun, chief economist for the National Association of Realtors® said, “This has been a spectacular … (1 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - June 1, 2020
- 06/01/20 12:10 PM
Last week’s economic reports included monthly readings from Case-Shiller Home Price Indices, FHFA home prices, and readings on new and pending home sales. Weekly reports on mortgage rates and first-time jobless claims were also released.
Case-Shiller Home Price Indices: Home Price Growth Pace Increased In March
National home prices rose at a year-over-year pace of 4.50 percent in March from February’s reading of 4.20 percent. According to the Case-Shiller 20-City Home Price Index, home prices rose by 0.40 percent to a year-over-year growth rate of 3.90 percent.
The three cities reporting the highest rates of home price growth year-over-year were Phoenix, Arizona with 8.20 … (0 comments)
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mortgage rate outlook: What's Ahead for Mortgage Rates This Week - May 11 2020
- 05/11/20 09:40 AM
Last week’s economic releases included readings on public and private sector employment, the national unemployment rate.
Economic Destruction Continues as Coronavirus Spreads
ADP reported 20.2 million private-sector jobs lost in April as compared to 149,000 jobs lost in March. The government’s Non-Farm Payrolls report showed -20.5 million public and private-sector jobs lost in April as compared to -870,000 jobs lost in March. Both of these jobs reports typically show job growth, but they now report jobs lost due to the coronavirus pandemic and efforts to control it.
Likewise, the national unemployment rate grew in April to 14.70 percent as compared to the normal reading … (1 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - May 4th, 2020
- 05/04/20 07:57 AM
Case-Shiller: February Home Price Data Positive Before Coronavirus Impact
February data on home prices showed rising home prices; the Case-Shiller National Home Price Index showed 4.20 percent growth in home prices year-over-year as compared to January’s home price growth rate of 3.90 percent.
Case-Shiller’s 20-City Home Price Index rose by 0.40 percent from a year-over-year rate of 3.10 percent to 3.50 percent. Home prices increased in all of the 20 cities included in the Index; 17 of the 20 cities reported a greater rate of price growth than for January. Phoenix, Arizona led the 20-City Index with 7.50 percent year-over-year growth in home … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - April 27th, 2020
- 04/27/20 12:17 PM
Last week’s scheduled economic news included readings on sales of new and previously-owned homes and consumer confidence. Weekly readings on mortgage rates and new jobless claims were also released.
COVID-19 Requirements Impact Home Sales
Widespread state and local requirements for sheltering at home negatively impacted home sales in March. New homes sold at an annual pace of 627,000 sales as compared to 741,000 sales reported in February. Analysts estimated 628,000 sales for March according to the Commerce Department.
The National Association of Realtors® reported lower sales of previously-owned homes in March with an annual pace of 5.27 million sales. February’s annual sales rate was … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - April 13th, 2020
- 04/13/20 08:01 AM
Last week’s economic reports were limited due to closures connected with coronavirus regulations. The Federal Reserve did not issue minutes for the most recent Federal Open Market Committee meeting as the meeting was canceled.
Inflation readings were released; weekly readings on mortgage rates and new jobless claims were released along with the University of Michigan’s Consumer Sentiment Index.
Consumer Price Index Falls In March
The Consumer Price Index dropped by -0.40 percent in March; this was its biggest decline in five years. Lower inflation was largely due to falling fuel prices.
The Core Consumer Price Index, which excludes volatile food and energy sectors, fell by … (1 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week -March 17th, 2020
- 03/17/20 07:07 AM
Last week’s scheduled economic reports included readings on inflation and consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.
Inflation Holds Steady in February
The Consumer Price Index rose 0.10 percent in February and matched January’s reading. Analysts expected no inflationary growth for February and noted that the Coronavirus had not yet impacted national inflation.
Higher rents and grocery prices caused inflation to rise in February. Year-over-year, the Consumer Price Index rose 2.30 percent in February after posting its highest reading of 2.50 percent in January; analysts expect inflation to decrease in the coming months.
The Core Consumer Price Index, … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week -March 2nd, 2020
- 03/03/20 09:28 AM
Economic readings released last week included Case-Shiller and FHFA Home Price Indices and reports on new and pending home sales. The week wrapped up with a report on consumer sentiment and weekly readings on mortgage rates and new jobless claims.
Case-Shiller, FHFA Report Faster Home Price Growth
Home prices rose by 3.80 percent year-over-year in December according to Case-Shiller’s National Home Price Index. Case-Shiller’s 20-City Home Price Index rose by 2.90 percent year-over-year in December as compared to November’s reading of a 3.50 percent gain over-over-year; Case-Shiller reported 0.40 percent growth in home prices from month-to-month.
The 20-City Home Price Index reported no change … (1 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week -February 24th, 2020
- 02/24/20 09:32 AM
Last week’s scheduled economic reporting included readings on builder confidence in housing markets, housing starts and building permits issued and sales of previously owned homes. Weekly readings on mortgage rates and first-time jobless claims were also released.
NAHB: Builder Confidence Remains Strong Despite Challenges
February data from the National Association of Home Builders indicated strong builder confidence in housing market conditions overall, but February’s index reading was one point lower at 74. Readings over 50 indicate that most builders have a positive outlook on housing market conditions.
Homebuilder outlook remained positive, although building materials and buildable lots remained costly. Demand for affordable single-family homes … (1 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week -February 10th, 2020
- 02/11/20 09:43 AM
Last week’s economic news included readings on construction spending and public and private-sector job growth. Weekly readings on mortgage rates and first-time jobless claims were also released.
Construction Spending Dips in December
Overall spending on public and private-sector construction spending dropped by -0.20 percent in December to an annual rate of $1.33 trillion. Analysts expected spending to increase by 0.10 percent based on November’s revised reading of 0.70 percent growth in construction spending.
Spending on residential construction rose 1.04 percent in December, which is good news for housing shortages in many areas of the U.S. Lower mortgage and interest rates have fueled builder confidence … (3 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week -February 3rd, 2020
- 02/03/20 12:14 PM
Last week’s economic reports included readings on home prices, new and pending home sales and a statement from the Federal Reserve’s Federal Open Market Committee. The University of Michigan issued its monthly statement on consumer sentiment and weekly reports on mortgage rates and first-time jobless claims were also released.
Case-Shiller: Home Price Growth Picks Up in November
According to Case-Shiller’s National Home Price Index for November, home prices rose by 3.50 percent on a seasonally-adjusted annual basis as compared to October’s reading of 3.20 percent. Case-Shiller’s 20-City Home Price Index showed that home prices for cities included in the Index rose 2.60 percent … (0 comments)
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mortgage rate outlook: What's Ahead For Mortgage Rates This Week - January 27th, 2020
- 01/27/20 09:47 AM
Last week’s economic reporting was slim due to the observance of the Martin Luther King Jr. holiday. The National Association of Realtors® reported on sales of previously owned homes and the Veterans Administration announced changes to its home loan programs. Weekly reports on mortgage rates and initial unemployment claims were also released.
Sales Pace of Pre-owned Homes Rose 3.60 Percent in December
The sales pace of previously-owned homes jumped by 3.60 percent on a seasonally-adjusted annual basis. December’s sales pace rose to 5.54 million sales. 5.35 million homes were sold on a seasonally-adjusted annual basis in November. Sales of new and pre-owned homes … (0 comments)
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Last 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.
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