mortgage rates: What's Ahead for Mortgage Rates This Week - June 27, 2022 - 06/27/22 06:02 AM
Last week’s economic reporting included readings on home sales, Fed Chair Jerome Powell’s testimony on monetary policy to the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly reports on mortgage rates and jobless claims were also released.
New Home Sales Pace Rises as Pre-Owned Homes Sales Pace Slows
The Commerce Department reported a seasonally-adjusted annual pace of 696,000 new homes sold in May; analysts predicted a year-over-year pace of 587,000 new homes sold as compared to April’s year-over-year pace of 629,000  new homes sold. While the year-over-year pace of new home sales increased by 10.70 … (2 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - June 13, 2022 - 06/13/22 06:18 AM
Last week’s economic reporting was highly focused on inflation, which grew at its fastest pace since 1981. Rising fuel and food prices boosted inflation in the U.S. and abroad; Analysts said the Ukraine War and supply chain problems continued to drive inflation. Weekly readings on mortgage rates and jobless claims were also released.
Inflation Hits Highest Level in 41 Years
The government’s Consumer Price Index, which tracks inflation, rose at a month-to-month pace of 1.0 percent in May compared to the expected reading of 0.70 percent and April’s reading of 0.30 percent growth. May’s Core Consumer Price Index, which excludes food and … (1 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - June 6, 2022 - 06/06/22 08:04 AM
Last week’s economic reporting included readings from S&P Case-Shiller Home Price Indices, The Federal Housing Finance Agency on home prices for homes owned or financed by Fannie Mae and Freddie Mac, and reporting on Construction spending. Weekly readings on mortgage rates and jobless claims were also released.
S&P Case-Shiller: Home Prices Rise in March, but Affordability May Slow Future Gains
National home prices grew at a year-over-year pace of 20.60 percent in March according to S&P Case-Shiller’s National Home Price Index. The 20-City and 10-City Composite Indices also showed continuing growth in home prices, but analysts cautioned that rising home prices and … (1 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - May 31, 2022 - 05/31/22 07:11 AM
Last week’s economic reporting included readings on new and pending home sales, minutes from the Federal Reserve's recent Federal Open Market Committee meeting, and data on inflation. Weekly readings on mortgage rates and jobless claims were also released.
New and Pending Home Sales Fall
The annual pace of new home sales fell in April according to the Commerce Department. Year-over-year sales of new homes fell to a pace of 591,000 sales as compared to the March reading of 709,000 sales of new homes. Analysts expected a year-over-year pace of 750,000 new home sales in April. Rising home prices and mortgage rates challenged first-time … (2 comments)

mortgage rates: What's Ahead For Mortgage Rates This Week - May 16, 2022 - 05/16/22 07:17 AM
Last week’s economic reporting included readings and forecasts on inflation and the University of Michigan’s preliminary consumer sentiment survey. Weekly readings on mortgage rates and jobless claims were also released.
Inflation Reports: Mixed Results for April
Commerce Department readings on consumer inflation showed mixed results in April; the Consumer Price Index dropped to 0.30 percent growth from the March reading of 1.20 percent inflation. Analysts expected 0.30 percent growth from March to April. The Core Consumer Price Index, which excludes volatile food and fuel sectors, rose by 0.60 percent in April as compared to the March reading of 0.30 percent growth. Analysts … (1 comments)

mortgage rates: 2022 Housing Market Forecast - 05/09/22 07:07 AM

Some Highlights What does the rest of the year hold for the housing market? Here’s what experts have to say about what lies ahead. Home prices are projected to rise and so are mortgage rates. Experts are also forecasting another strong year for home sales as people move to meet their changing needs. Let’s connect so you can make your best move this year. … (3 comments)

mortgage rates: What's Ahead For Mortgage Rates This Week - May 9, 2022 - 05/09/22 07:04 AM
Last week’s scheduled economic reports included readings on construction spending, the Federal Reserve’s Federal Open Market Committee statement, and the Fed Chair’s press conference. Readings on public and private-sector jobs growth and the national unemployment rate were released along with weekly readings on mortgage rates and jobless claims.
Construction Spending Slows in March, Fed Raises Key Rate
Construction spending fell in March according to the Commerce Department. Spending increased by 0.10 percent as compared to the expected reading of 0.80 percent and February’s reading of 0.50 percent. Less construction spending could indicate a slowdown in building as builders face rising operations and … (2 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - May 2, 2022 - 05/02/22 08:06 AM
Last week’s economic reporting included readings from S&P Case-Shiller Home Price Indices, the Federal Housing Finance Agency House Price Index, and the Commerce Department on sales of new homes. Weekly readings on mortgage rates and jobless claims were also reported.
S&P Case-Shiller, FHFA Report Near-Record Home Price Growth
February home prices continued their rapid growth, but analysts hinted at a coming slowdown in-home price growth as would-be buyers were faced with rising mortgage rates and affordability concerns. S&P Case-Shiller’s National Home Price Index reported year-over-year home price growth of 19.80 percent as compared to January’s national home price growth rate of 19.10 … (3 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - April 25, 2022 - 04/25/22 07:26 AM
Last week’s economic reporting included the National Association of Home Builders Housing Market Index, government readings on housing starts and building permits, and data on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims were also released.
NAHB: Builder Confidence in Housing Market Conditions Slips by Two Points
Homebuilder confidence fell by two points to an index reading of 77 in April and was the lowest reading since September. Analysts expected this dip as mortgage rates and building materials costs continued to rise. Index readings over 50 indicate that most builders have positive views of housing market conditions. Index … (0 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - April 18, 2022 - 04/18/22 07:52 AM
Last week’s economic reporting included readings on monthly and year-over-year inflation and the preliminary reading on consumer sentiment from the University of Michigan. Weekly readings on mortgage rates and jobless claims were also released.
Gas Prices Drive High Inflation in March
Consumers felt near-record pain at the pump in March as gas prices continued to rise. Month-to-month inflation increased by 1.20 percent in March as compared to February’s month-to-month inflation rate of 0.80 percent. Analysts expected inflation to rise by 1.10 percent in March. The extent of rapidly rising gasoline prices on inflation is evident when comparing readings for the Consumer Price … (2 comments)

mortgage rates: Where Are Mortgage Rates Headed? - 04/13/22 11:00 AM
Where Are Mortgage Rates Headed?
There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by Mark Fleming, Chief Economist at First American:
“You know, the fallacy of economic forecasting is: Don't ever try and forecast interest rates and or, more specifically, if you're a real estate economist mortgage rates, because you will always invariably be wrong.”
Coming into this year, most experts projected mortgage rates would gradually increase and end 2022 in the high three-percent range. It’s only April, and rates have already blown past those numbers. Freddie Mac announced last week that the 30-year fixed-rate mortgage is already at 4.72%.
Danielle … (4 comments)

mortgage rates: What's Ahead For Mortgage Rates This Week - April 11, 2022 - 04/11/22 10:50 AM
Last week’s economic news included remarks given by Federal Reserve Board Governor Lael Brainard and the release of the minutes of the most recent meeting of the Fed’s Federal Open Market Committee. Weekly readings on mortgage rates and jobless claims were also released.  
Federal Reserve Leaders Prepared to Address Inflation
Lael Brainard, a Governor of the Federal Reserve Board, addressed the central bank’s concerns over rapidly rising inflation in her remarks made at a financial conference in Minneapolis, Minnesota. “Currently, inflation is much too high and is subject to upside risks. It is of paramount importance to get inflation down.” Ms. Brainard … (2 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - April 4, 2022 - 04/04/22 11:17 AM
Last week’s financial and economic reporting included readings from S&P Case-Shiller Home Price Indices, the  Federal Housing Finance Agency and the federal government reported on construction spending. Reports on public and private-sector jobs growth and the national unemployment rate were also published along with weekly readings on mortgage rates and jobless claims.  
S&P Case-Shiller: Home Price Growth Expected to Slow in 2022
National home prices grew by 19.20 percent year-over-year in January as compared to December’s year-over-year pace of 18.90 percent according to the monthly S&P Case-Shiller National Home Price Index. The 20-City Home Price Index revealed no change in the metro … (2 comments)

mortgage rates: What's Ahead For Mortgage Rates This Week - March 28, 2022 - 03/28/22 07:17 AM
Last week’s economic reporting included a speech and press conference by Federal Reserve chair Jerome Powell, data on pending home sales and sales of new homes, and the University of Michigan’s monthly reading on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published.
Fed Chair: Rate Hikes Above 0.25 Percent May be Needed to Ease Inflation
Federal Reserve chair Jerome Powell said that the Fed is willing to move beyond its recent 0.25 percent rate hike to control inflation.  In a speech made to the National Business Association for Business Economics, Mr.Powell said, “We will take necessary steps … (0 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - March 21, 2022 - 03/21/22 02:15 PM
Last week’s economic reporting included readings on housing markets from the National Association of Home Builders, sales of previously-owned homes, and government reports on housing starts and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.
NAHB: Builder Confidence Slips Two Points in March
The National Association of Home Builders reported that home builder confidence in housing market conditions slipped two points to an index reading of 79. Analysts expected a reading of 80 based on February’s reading of 81. Robert Dietz, the NAHB’s chief economist, said: “While low existing inventory and favorable demographics are supporting demand, the … (0 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - March 14, 2022 - 03/14/22 07:25 AM
Last week’s economic reporting included month-to-month and year-over-year readings on inflation. The University of Michigan released its monthly consumer sentiment index; weekly readings on mortgage rates and jobless claims were also published.
Inflation Reports: No Good News for Consumers
The war in Ukraine increased inflation rates in the U.S in February as costs for fuel, food and housing continued to rise. The federal government reported that month-to-month inflation rose by 0.80 percent in February; analysts expected a month-to-month increase of 0.70 percent as compared to January’s reading of 0.60 percent.
Core inflation, which excludes volatile food and energy sectors, rose by 0.50 percent … (3 comments)

mortgage rates: How Global Uncertainty Is Impacting Mortgage Rates - 03/10/22 11:24 AM

If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below):

The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say it’s to be expected.
Here’s a look at how industry leaders are … (2 comments)

mortgage rates: What's Ahead for Mortgage Rates This Week - March 7, 2022 - 03/07/22 08:05 AM
Last week’s economic reporting included readings on construction spending, written testimony from Fed chair Jerome Powell and data on public and private sector jobs and national unemployment. Weekly readings on mortgage rates and jobless claims were also released.
Fed Chair Hints at Rate Hikes in Written Testimony
Federal Reserve Chairman Jerome Powell indicated that consistent rate hikes of the Fed’s target interest rate range will likely occur throughout this year, but he said that the Fed would proceed carefully. Analysts interpreted Mr. Powell’s remarks to mean that he would limit each rate hike to 0.25 percent but could be higher depending on … (1 comments)

mortgage rates: What's Ahead For Mortgage Rates This Week - February 22, 2022 - 02/22/22 06:20 AM
Last week’s economic reporting included readings from the National Association of Home Builders on housing markets, reports on sales of previously owned homes, housing starts, and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.
NAHB: Rising Materials Costs, Supply Chain Problems Weigh on Builders
The National Association of Home Builders’ February housing market index reading was 82 and one point lower than in JanuaThis was the second consecutive month that builder confidence dropped by one point. Homebuilder confidence in housing market conditions remained relatively high as any index reading over 50 indicates that most builders … (1 comments)

mortgage rates: What's Ahead For Mortgage Rates This Week - February 14, 2022 - 02/14/22 08:06 AM
Last week’s economic reporting included readings on inflation and the University of Michigan’s preliminary February reporting on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.
Inflation Rises as Fed Considers Raising Key Rate
The government’s Consumer Price Index for January reported that month-to-month inflation rose by 0.60 percent as compared to an expected increase of 0.40 percent which was based on December’s month-to-month increase of 0.50 percent.  Year-over-year inflation rose to a rate of 7.50 percent, which was the highest inflation rate in 40 years. Core inflation, which excludes volatile food and energy sectors, also rose … (1 comments)

 
Bob Elliot, 20+ Yrs Industry Experience (eXp Realty)

Bob Elliot

20+ Yrs Industry Experience

Minneapolis, MN

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eXp Realty

Address: 15451 Founders Lane, Apple Valley, MN, 55124

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