mortgage rates: What's Ahead for Mortgage Rates This Week - January 17, 2023
- 01/17/23 12:36 PM
Last week’s financial reporting was dominated by readings on inflation. Weekly reports on mortgage rates and jobless claims were also released and Treasury Secretary Janet Yellen cautioned lawmakers that the debt ceiling must be raised or eliminated.
Inflation slows in December
Month-to-month inflation slowed by -0.1 percent in December and matched analysts’ expectations. This was the first slowing of inflation since the pandemic and the highest inflation reading since inflation reached its highest level in 40 years. Inflation rose by 0.1 percent in November. Year-over-year inflation rose by 6.5 percent, which matched expectations, and fell short of the November reading of 7.1 … (2 comments)
|
mortgage rates: NAHB: Home Builder Confidence in Housing Markets Slips in December
- 12/22/22 11:49 AM
December’s National Association of Home Builders Housing Market Index reported slipping builder confidence in U.S. housing markets. The Housing Market Index readings fell every month in 2022. Recently rising mortgage rates, materials costs, and inclement winter weather contributed to builder skepticism about current housing market conditions.
December’s National Housing Market Index reading of 31 was the lowest since mid-2012 not including readings published during the pandemic. By comparison, the Housing Market Index reading for December 2021 was 84. The three indices comprising the Housing Market Index reported mixed readings in December. Current home sales decreased by three points and home builder expectations … (3 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - December 19, 2202
- 12/19/22 06:34 AM
Last week’s economic reporting included readings on inflation, retail sales, and the Federal Reserve’s Federal Open Market Committee meeting. Fed Chair Jerome Powell held his scheduled post-meeting press conference and weekly readings on mortgage rates and jobless claims were also released.
Federal Reserve Raises Target Interest Rate Range
The Federal Reserve’s Federal Open Market Committee announced its decision to raise the Fed’s target interest rate range to 4.25 to 4.50 percent from its previous range of 3.75 to 4.00 percent.
Fed Chair Jerome Powell said in remarks made during his scheduled press conference, “We’re going into next year with higher inflation than we … (1 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - November 21, 2022
- 11/21/22 08:05 AM
Last week’s economic reporting included readings on U.S housing markets, housing starts, and building permits issued. Data on sales of previously-owned homes were released along with weekly reports on mortgage rates and jobless claims.
Builder Sentiment on Housing Markets Declines in November
November’s National Association of Home Builders Housing Market Index fell five points to an index reading of 33; analysts expected a reading of 36. November’s reading was the lowest since June 2012 except during the pandemic.
All three indices contributing to the Housing Market Index were lower in November than in October. Homebuilder sentiment regarding current sales conditions fell six points … (1 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - November 7, 2022
- 11/07/22 06:22 AM
Last week’s economic reporting included the Federal Reserve’s statement on its target interest rate range and Fed Chair Jerome Powell’s regularly-scheduled press conference. Data on construction spending and public and private-sector jobs was published along with weekly reports on mortgage rates and jobless claims.
Fed Hikes Key Interest Rate Range, but Signals a Future Slowdown
The Federal Reserve increased its key interest rate range last week from 3.50-3.75 percent to 3.75-4.00 percent. While this was the highest interest rate range in 15 years, the Fed said it plans to continue raising the target interest rate range until it reduces the inflation rate … (3 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - October 24, 2022
- 10/24/22 08:58 AM
Last week’s economic reporting included readings from the National Association of Home Builders on national and regional U.S. housing markets. The National Association of Realtors® reported on sales of previously-owned homes, and the Commerce Department released readings on building permits issued and housing starts. Weekly readings on mortgage rates and jobless claims were also released.
NAHB: Home Builder Confidence in Housing Market Falls for 10th Consecutive Month
The National Association of Home Builders reported that home builder confidence in the U.S housing market fell for the 8th consecutive month in October; the organization described the situation as “unsustainable.” The NAHB Housing Market Index, … (2 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - October 17, 2022
- 10/17/22 09:10 AM
Last week’s economic reporting included readings on month-to-month and year-over-year inflation and the minutes of the most recent meeting of the Federal Reserve’s Federal Open Market Committee. The University of Michigan published its preliminary consumer sentiment reading and weekly reports on mortgage rates and jobless claims were also released.
September Inflation Readings Provide No Relief
Inflation rose by a month-to-month pace of 0.40 percent in September as costs for staples including rent, food, and medical care increased. The Fed raised its target interest rate by 0.75 percent. Year-over-year inflation rose by 7.20 percent; this was the highest growth reading since 1982. … (1 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - September 26, 2022
- 09/26/22 09:13 AM
Last week’s economic reporting included readings on housing markets, building permits issued, housing starts, and sales of previously-owned homes. The Federal Reserve released its scheduled monetary policy statement and gave a press conference with Fed Chair Jerome Powell. Weekly readings on mortgage rates and jobless claims were also published.
NAHB: Home Builder Confidence In Housing Markets Lags for 9th Consecutive Month
The National Association of Home Builders reported lower builder confidence in housing markets in September; this was the ninth straight month that builder confidence fell. Readings of 50 and above indicate that most home builders surveyed reported positive views of the … (1 comments)
|
mortgage rates: What's Ahead For Mortgage Rates This Week - September 19, 2022
- 09/19/22 08:24 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.
Consumer Inflation Rate Falls as Gas Prices Decrease
Lower gas prices was welcomed news to consumers last week, but analysts said that high inflation would continue to impact consumer goods including groceries. The core inflation rate, which excludes volatile food and fuel prices, rose by 0.60 percent, which was twice the expected month-to-month pace of 0.30 percent. Rapidly rising inflation could cause the Federal Open Market Committee of the Federal Reserve to raise its target interest rate range … (2 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - September 12, 2022
- 09/12/22 07:18 AM
Last week’s economic reporting was minimal due to the Labor Day Holiday. Fed Chair Jerome Powell Weekly readings on mortgage rates and jobless claims were also released.
Fed Chair: Rates Expected to Remain Higher
Chair Powell said that interest rates will remain high for a longer than expected time as “history cautions against prematurely loosening [monetary] policy.” The Federal Reserve has a legislative mandate to maintain its target interest rate range at or near 2 percent, During a discussion at the Cato Institute, Chair Powell said that the longer inflation remains above the target rate range the more likely the public will … (0 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - August 29, 2022
- 08/29/22 07:22 AM
Last week’s economic news included readings on pending home sales, new home sales, and readings on monthly and yearly inflation rates. Weekly readings on mortgage rates and jobless claims were also published along with the University of Michigan’s final monthly and year-over-year readings on consumer sentiment.
Commerce Department Reports Fewer New Homes Sold in July
Sales of new homes fell by 12.60 percent month-to-month and were 29.6 percent lower year-over-year in July. The Commerce Department reported a year-over-year sales pace of 511,000 new homes sold in July as compared with June’s revised pace of 585,000 new homes sold. June’s reading was revised … (2 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - August 15, 2022
- 08/15/22 06:18 AM
Last week’s economic reporting included readings on inflation and consumer sentiment along with weekly readings on mortgage rates and jobless claims.
Inflation Rate Unchanged in July
According to the government’s Consumer Price Index, month-to-month inflation did not rise in July as compared to June’s reading of 1.30 percent growth. Analysts expected a reading of 0.20 percent inflationary growth. Inflation rose by 8.50 percent year-over-year against expectations of 8.70 percent year-over-year growth and June’s year-over-year inflationary growth of 9.10 percent. Core inflation, which excludes volatile food and fuel sectors, rose by 0.30 percent month-to-month in July. Analysts expected a core inflation rate of … (2 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - August 8, 2022
- 08/08/22 07:32 AM
Last week’s economic reports included readings on construction spending, government reports on jobs, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released.
Commerce Department Reports Construction Spending Rose in May
The U.S. Commerce Department initially reported less construction spending in May but revised its reading of $1.780 trillion to show that spending rose by 0.10 percent in May to a seasonally adjusted annual rate of $1.782 trillion. Analysts expected construction spending to rise by 0.40 percent month-to-month as compared to April’s reading of 0.10 percent growth. Construction spending grew by 8.30 percent year-over-year. Concerns over … (2 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - August 1, 2022
- 08/01/22 06:43 AM
Last week’s economic news included readings on home price growth, new and pending home sales, and inflation. Weekly reports on mortgage rates and jobless claims were also released.
S&P Case-Shiller: Home Price Growth Slows in May
Home prices rose at a slower pace in May according to the S&P Case-Shiller National Home Price Index. Year-over-year home prices rose by 19.70 percent in May as compared to April’s year-over-year reading of 20.60 percent in home price appreciation. Tampa, Florida led S&P Case-Shiller’s 20-City Home Price Index with 36.10 percent year-over-year home price growth. Miami, Florida followed with 34.00 percent home price appreciation. Dallas, … (2 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - July 18, 2022
- 07/18/22 07:16 AM
Inflation dominated last week’s economic readings and predictions as it hit a year-over-year growth rate of 9.10 percent in July. Inflation reached its highest year-over-year growth rate since 1981. Gasoline prices eased somewhat, but not enough to provide relief against a backdrop of high housing and food prices. Low and moderate-income consumers were disproportionately impacted as rents rose beyond near-record inflation and home prices remained out of reach for many would-be home buyers.
Inflation Causing Hardship for Moderate-Income Consumers
Consumers faced with rapidly growing expenses turned to credit cards for purchasing food and household items; this trend suggests that as interest rates … (2 comments)
|
mortgage rates: What's Ahead for Mortgage Rates This Week - July 5, 2022
- 07/05/22 06:22 AM
Last week’s scheduled economic news included reports on home prices, pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.
S&P Case-Shiller: National Home Price Growth Ticks Down in April
Home price growth slowed in April according to the S&P Case-Shiller National Home Price Index as growth slowed by 0.20 percent to a 20.40 percent gain year-over-year. Slower growth in home prices suggested that affordability concerns have caught up with the rapid home price growth seen during the pandemic.
The S&P Case-Shiller 20-City Home Price Index reported that Tampa, Florida home prices gained 35.8 percent year over … (4 comments)
|
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)
|
Last week’s financial reporting was dominated by readings on inflation. Weekly reports on mortgage rates and jobless claims were also released and Treasury Secretary Janet Yellen cautioned lawmakers that the debt ceiling must be raised or eliminated. 
;)
;)
;)
