mortgage rates: What's Ahead For Mortgage Rates This Week - November 27, 2023
- 11/27/23 08:14 AM
There will be a very light week with the Holiday season approaching. The only notable reports to have come out for the week are the U.S. economic leading indicators, with nothing scheduled around Thanksgiving weekend. The median forecast for the leading indicators has shown that with the rest of the CPI and PPI data among other economic statistics, the economy does seem to be heading towards a soft landing as the Federal Reserve had initially targeted. The most notable changes are lending partners cutting rates with the potential for shifting economic policies and rate cuts in the future.
U.S. Leading Economic … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - November 20, 2023
- 11/20/23 07:32 AM
With the release of the CPI and PPI data, much of the broader market has been anticipating the potential cooling of inflation numbers month-to-month and those expectations have been met. There’s a consistent trend of inflation slowing down which brings a greater potential for the end of any rate hikes from the Federal Reserve, signaling a soft-landing for the economy which has been touted by Jerome Powell. With a soft landing, it does also signal a strong potential for the Federal Reserve to begin lowering rates in the coming future.
Consumer Price Index
Despite the report beating inflation expectations and leading to … (0 comments)
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mortgage rates: What’s Ahead For Mortgage Rates This Week – November 6, 2023
- 11/06/23 08:38 AM
The most important data of the quarter was released, signaling the direction for many markets and where economic policy may be headed. Jerome Powell as well as other members of the Federal Reserve spoke about the state of economic policy, informing many parties about their decisions to remain hawkish or dovish in their approach. Further rate hikes could tell a story that inflation is not yet under control and the Federal Reserve feels the need to continue these rate hikes, which will have a significant impact on the lending markets as a whole.
FOMC Rate Decision
While Fed Chair Jerome Powell emphasized uncertainty … (0 comments)
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mortgage rates: What’s Ahead for Mortgage Rates This Week – October 30, 2023
- 10/30/23 08:36 AM
This week’s most significant data offered preliminary numbers for manufacturing and services PMI (Purchasing Managers Index). Both can serve as a forward indicator for the economy while providing insight into the current state of the cost of living for the service industry. While manufacturing met an expected rise for the end of October, services saw a contraction, falling to 46.6 from 49.3. Readings below 50.0 can be a sign of a downturn for the economy, particularly given the time of the year.
Mortgage Applications & Rates Indices
MBA Mortgage Applications Index saw a reduction of -1.0% in applications for the week, with rates … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - October 23, 2023
- 10/25/23 07:55 AM
This week featured the usual retail sales report which shows consumer demand and as well as an indicator of the velocity of money, not only for consumers but business to business as well. An increase would show an increase in national and local increase in economic activity, which is important as we move into Q4 of the year; where the holiday season is expected to see an increase in consumer activity.
Retail Sales
Retail sales have exceeded expectations this month showing month-to-month increases across the board:
Retail sales are up 0.7% from the previous month with an expected increase of 0.3%. … (0 comments)
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mortgage rates: What's Ahead for Mortgage Rates This Week - September 25th, 2023
- 09/26/23 08:28 AM
Last week’s economic reports included readings on U.S. housing markets, housing starts and building permits, and the scheduled post-meeting statement from the Federal Open Market Committee of the Federal Reserve. Data on sales of previously owned homes were released along with weekly reports on mortgage rates and jobless claims.
National Association of Home Builders: Rising Mortgage Rates Shake Builder Confidence
Homebuilders lost confidence in U.S. housing market conditions in September. September’s index reading was 45 as compared to the expected reading of 49.5 and August’s reading of 50. The combination of rising mortgage rates and high home prices presented obstacles to first-time and … (3 comments)
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mortgage rates: What's Ahead for Mortgage Rates This Week - September 18, 2023
- 09/19/23 08:11 AM
The previous week offered a blend of economic updates, encompassing data on inflation trends, the pulse of consumer sentiment, and the weekly oscillations in mortgage rates and unemployment claims.
August Sees a Slight Upward Trend in Inflation
The latest data on monthly inflation was made public on September 13th, revealing that core inflation in August experienced a jump of 0.3 percent over its July reading. This number is a tad above the anticipated 0.2 percent and also overshadows July's reading, which was set at 0.2 percent relative to the preceding month. Drawing from the Consumer Price Index, August witnessed a year-over-year inflation of … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - August 7, 2023
- 08/07/23 06:25 AM
Last week’s scheduled economic reporting included readings on construction spending, public and private sector payroll growth, and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims were also released.
Construction Spending Slips in June
U.S. construction spending slipped by 0.60 percent to 0.50 percent growth in June; analysts expected a month-to-month reading of 0.70 percent growth in construction spending. Year-over-year construction spending increased by 3.50 percent of which single-family residential construction accounted for 2.10 May’s reading for construction spending was revised from 0.90 percent growth to 1.10 percent growth from May to June.
Private residential construction rose by 0.30 percent … (2 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - July 24 2023
- 07/24/23 08:33 AM
Last week’s economic reports included readings on U.S. housing markets, housing starts, and building permits issued. Sales data for previously-owned homes were also released along with weekly readings on mortgage rates and jobless claims
Home Builder Confidence Ticks Up in July
The National Association of Home Builders reported a one-point gain in home builder confidence with an index reading of 56 for July. Analysts predicted a reading of 57 and June’s reading was 55. Readings over 50 indicate that most home builders are confident about current U.S. housing market conditions. Overall homebuilder confidence rose for the seventh consecutive month in July.
Component readings of … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - July 17, 2023
- 07/17/23 09:52 AM
Last week’s economic reporting included readings on month-to-month and year-over-year inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published.
Month-to-Month Inflation Rises as Year-Over-Year Inflation Slows
The Consumer Price Index for June rose 0.20 percent in June as compared to May’s reading of 0.10 percent growth and expectations of 0.30 percent month-to-month growth. The core CPI reading, which excludes volatile food and fuel sectors, fell to 0.20 percent growth in June as compared to May’s month-to-month reading of 0.40 percent growth.
The year-over-year reading for the Consumer Price Index in June slowed to 3.00 percent growth as compared … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - July 10, 2023
- 07/10/23 06:22 AM
Last week’s scheduled economic reporting included readings on construction spending, June’s FOMC meeting minutes, and reports on jobs and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.
Construction Spending Increased in May
The Commerce Department reported spending for construction rose to 0.90 percent in May as compared to a month-to-month increase of 0.40 percent posted in April. The year-over-year reading showed $1.93 trillion in construction spending in May. April’s data was revised downward from the original reading of 1.20 percent growth to 0.40 percent growth in construction spending.
Readings for construction spending include all phases of … (2 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - Juy 3, 2023
- 07/03/23 10:16 AM
Last week’s scheduled economic news includes readings on inflation, new home sales, pending home sales, and consumer sentiment. Federal Reserve Chair Jerome Powell spoke at a banking conference in Spain. Weekly reports on mortgage rates and jobless claims were also released.
New Home Sales Rise as Pending Home Sales Fall
May readings for new and pending home sales showed mixed results for May. 763,000 new home sales were expected on a seasonally-adjusted annual basis. Analysts expected a reading of 675,000 sales based on April’s year-over-year reading of 680,000 new home sales. May’s increase in new home sales was the largest since February 2022.
New … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - June 26, 2023
- 06/26/23 06:26 AM
Last week’s scheduled economic reports included readings on housing starts, existing home sales, and Federal Reserve Chair Jerome Powell’s congressional testimony. Weekly readings on mortgage rates and jobless claims were also released.
National Home Builders Association Releases June Housing Market Index
U.S. home builder confidence rose by five points to an index reading of 55 in June according to the National Association of Home Builders Housing Market Index. The June reading surpassed the expected reading of 51 and May’s housing market index reading of 50. Component readings for the Housing Market Index also rose as builder confidence in current market conditions rose … (2 comments)
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mortgage rates: Mortgage Points Overview
- 05/31/23 08:00 AM
Mortgage points, also known as discount points or origination points, are fees paid by borrowers at closing to reduce the interest rate on their mortgage loan. Each point typically costs 1% of the total loan amount and can lower the interest rate by anywhere from 0.125% to 0.25%.
There are two types of mortgage points: discount points and origination points. Discount points are used to buy down the interest rate on the loan, while origination points are used to cover the lender's administrative costs.
Borrowers may choose to pay mortgage points in order to lower their monthly mortgage payments or to reduce the … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - May 30, 2023
- 05/30/23 09:54 AM
Last week’s economic news included readings on new and pending home sales and inflation. The final monthly reading for May consumer sentiment was released along with weekly readings on mortgage rates and jobless claims.
Shortage of previously-owned homes for sale directs buyers to new homes
Homeowners weren’t in a hurry to sell their homes due to the low mortgage rates they obtained during the pandemic. Current mortgage rates are higher than pandemic-era rates, which influenced homeowners to stay in their homes and keep their lower existing mortgage rates. Home buyers turned to new home developments as an alternative to shopping for a … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - May 15, 2023
- 05/15/23 09:14 AM
Last week’s scheduled economic reporting included readings on inflation, consumer sentiment, and weekly readings on mortgage rates and jobless claims.
Inflation Rate Rises in April, Slower Pace Expected in Coming Months
The U.S. Labor Department reported the month-to-month pace of inflation rose by 0.40 percent in April and matched analysts’ expectations. April’s reading surpassed the March reading of 0.10 percent month-to-month inflationary growth. Inflation rose by 4.90 percent year-over-year in April. Analysts expect inflationary growth to continue, but at a slower pace through 2023.
Core inflation, which excludes volatile food and fuel sectors, rose at a month-to-month pace of 0.40 percent in April, … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - April 17, 2022
- 04/17/23 07:49 AM
Last week’s economic reporting included readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.
March Inflation Slows as Retail Sales Fall
Inflation slowed to a month-to-month pace of 0.10 percent in March as compared to February’s reading of 0.40 percent growth. Year-over-year inflation rose by 5.00 percent and fell short of analysts’ expected reading of 5.10 percent year-over-year inflation and February’s year-over-year inflation rate of 6.00 percent.
Core inflation, which excludes volatile readings for food and fuel, rose by 0.40 percent in March and matched analysts’ expectations. The year-over-year reading for core inflation … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - April 10, 2023
- 04/10/23 07:51 AM
Last week's economic reporting included readings on construction spending and labor sector readings on employment and the national unemployment rate for March. Weekly readings on mortgage rates and jobless claims were also released.
Commerce Department: February Construction Spending Falls
The U.S. Commerce Department reported less construction spending in February than in January as construction spending fell by 0.10 percent to a year-over-year reading of $1.844 trillion for all types of construction. Year-over-year construction spending increased by 5.20 percent. While total construction spending fell in February, residential construction spending increased.
Spending on single-family home construction slowed due to builders’ concerns over materials costs, supply chains, … (2 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - April 3, 2023
- 04/03/23 06:42 AM
Last week’s economic reporting included readings on home prices, inflation, and pending home sales. Weekly readings on mortgage rates and jobless claims were also published.
S&P Case-Shiller Home Price Indices Report Slower Home Price Growth in January
Home price growth cooled in January according to S&P Case-Shiller’s 20-City Home Price Index. Home prices increased by 2.50 percent year-over-year in January but rose at a slower pace than December’s reading of 4.60 percent. The FHFA Home Price Index also showed slower growth in January with year-over-year home price growth of 5.30 percent as compared to December’s home price growth rate of 6.60 percent.
The top … (2 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - March 20, 2023
- 03/20/23 07:09 AM
Last week’s economic reporting included readings on housing starts and building permits issued, the National Association of Home Builders Housing Market Index, and Fed Chair Janet Yellen’s Senate testimony. The Commerce Department reported on housing starts and building permits issued published, and a monthly reading on consumer sentiment was published. Weekly reports on mortgage rates and jobless claims were also released.
Two bank failures instill fear in depositors
In the aftermath of two bank failures last week, US Treasury Secretary Janet Yellen said that “the banking system is sound” during testimony to the US Senate last Thursday. When asked if federal protection could … (1 comments)
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There will be a very light week with the Holiday season approaching. The only notable reports to have come out for the week are the U.S. economic leading indicators, with nothing scheduled around Thanksgiving weekend. The median forecast for the leading indicators has shown that with the rest of the CPI and PPI data among other economic statistics, the economy does seem to be heading towards a soft landing as the Federal Reserve had initially targeted. The most notable changes are lending partners cutting rates with the potential for shifting economic policies and rate cuts in the future. 
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