mortgage rates: What's Ahead For Mortgage Rates This Week - November 2, 2015
- 11/01/15 10:05 PM
A number of economic reports released last week indicate mixed economic progress. The 20-City Home Price Index released by S&P Case Shiller showed that August home prices rose, but New Home Sales dropped in September. The Federal Open Market Committee of the Federal Reserve indicated that it may reserve the target federal funds range at its next meeting in December.
Case-Shiller Reports Higher Home Prices in August
August's 20-City Home Price Index issued by S&P Case Shiller showed that average home prices rose in 18 of 20 cities with Denver, Colorado and San Francisco, California posting year-over-year increases of 10.70 percent. Portland, … (2 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - October 26, 2015
- 10/26/15 12:03 AM
Last week's economic news included the National Association of Home Builders Index, Housing Starts and FHFA's report on August home sales. The National Association of Realtors® released its monthly report on sales of previously owned homes.
Builder Confidence and Housing Starts Post Gains
The Wells Fargo National Association of Home Builders Housing Market Index for September posted its highest level of builder confidence in 10 years a higher than expected results with a reading of 64 for October. Analysts expected a reading of 62 based on September's reading of 61.
The NAHB Wells Fargo Housing Market Index reading is based on three builder … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - October 19, 2015
- 10/19/15 12:06 AM
Last week's economic reports included Consumer Price Index and Core index for September, the minutes of the FOMC meeting held September 15 and 17, and weekly reports on mortgage rates and new jobless claims. The details:
FOMC Minutes Hint at Looming Rate Hike as Inflation Lags
Minutes of the Federal Open Market Committee meeting held in September suggest that while Fed policy makers have reservations about low inflation and labor markets, they may go ahead and raise the target federal funds rate from its current range of 0.00 to 0.25 percent. When the fed does raise rates, consumers can expect to see … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - October 13, 2015
- 10/12/15 11:53 PM
Last week's economic reports included the Federal Open Market Committee Meeting Minutes and Weekly Jobless Claims. Also, the new mortgage TRID rules went into effect. Here are the details:
TRID (TILA-RESPA Integrated Disclosure) Goes Into Effect
TRID, or TILA-RESPA Integrated Disclosure, which is also known as the "Know Before You Owe" rule will change the mortgage process by altering some standard loan forms and practices. Originally slated to go into effect August 1, the Consumer Financial Protection Bureau (CFPB) actually took effect on October 3.
On Wednesday, October 7, 2015, the House of Representatives approved HR 3192, "The Homebuyers Assistance Act", which would provide … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - September 28, 2015
- 09/28/15 01:22 AM
Last week's scheduled economic news included reports on new and existing home sales, the FHFA House Price Index, weekly reports on mortgage rates, and new jobless claims. The week finished with a report on consumer sentiment.
Existing Home Sales Fall as New Homes Sales and Home Prices Rise
The National Association of Realtors reported that home sales for pre-owned homes fell in August. Analysts expected sales of existing homes to reach a reading of 5.52 million sales on an annual basis, but the actual reading was 5.31 million existing homes sold as compared to July's reading of 5.58 million pre-owned homes sold. … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - September 21, 2015
- 09/20/15 11:51 PM
Last week's economic releases included several reports related to housing. The Wells Fargo/ NAHB Housing Market Index achieved its highest reading in nearly 10 years. Housing Starts dipped in August and Building Permits issued in August exceeded July expectations. The week's big news was actually no news. The Fed's Federal Open Market Committee decided not to raise interest rates. Fed Chair Janet Yellen followed up on the FOMC statement with a press conference and said that the Fed is not yet ready to raise rates, but that a majority of FOMC members are prepared to raise rates before year-end.
Inflation Rate Remains … (2 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - September 14, 2015
- 09/14/15 12:25 AM
A short week after the Labor Day Holiday provided slack schedule for economic news. Bloomberg reported that residential investment for the second quarter of 2015 represented 3.34 percent of the Gross Domestic Product. Compared to the long-term average reading of 4.56 percent, analysts said that the Q2 15 reading suggested pent-up demand in the housing market that could help propel the economy through any setbacks that could occur when the Fed raises rates.
Pent-Up Housing Demand a Plus when Fed Raises Rates
Job openings rose in July to 5.75 million as compared to June's reading of 5.32 million. This is a positive … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - September 8, 2015
- 09/08/15 12:31 AM
Last week's economic news included reports on construction spending, private and public sector employment data and a report from the Fed indicating that any move to raise interest rates may be delayed. The details:
Construction Spending Meets Expectations, Beige Book Indicates Wage Pressures
Analysts said that construction is gaining strength and could soon be the strongest sector of the economy. Construction spending for July met growth expectations of 0.70 percent as compared to June's reading of 0.10 percent. The Commerce Department reported that this reading translated to a seasonally adjusted annual rate of $1.98 trillion, which was the highest rate of spending … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - August 31, 2015
- 08/31/15 12:27 AM
Last week's economic news included several reports related to housing. The Case-Shiller 20-City Home Price Index for June rose to 4.50 percent as compared to May's reading of 4.40 percent. Denver, Colorado was the only city to post double-digit year-over-year growth. FHFA also released its House Price Index for June. Home prices for properties associated with mortgages owned or backed by Fannie Mae and Freddie Mac rose at a year-over-year rate of 5.60 percent in June as compared to May's reading of 5.70 percent.
New Home Sales, Pending Home Sales Rise in July
Commerce Department data revealed that new home sales increased … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - August 24, 2015
- 08/24/15 12:05 AM
Last week's economic events included a number of readings on housing related topics. The National Association of Home Builders released its report on builder confidence in housing markets, Housing starts reached their highest level since the great recession, and existing home sales exceeded expectations and the prior month's reading. The Federal Reserve released minutes for its most recent FOMC meeting, which indicated that while a majority of FOMC members are leaning toward raising the Fed's target federal funds rate, concerns over certain aspects of the economy continue to keep the Fed from citing a date for raising its target interest rate.
Home … (2 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week August 17 2015
- 08/17/15 12:07 AM
Last week's economic reports related to housing were few and far between other than weekly reports on new jobless claims and Freddie Mac's mortgage rates survey.
Mortgage Rates Mixed, Jobless Claims Up
Freddie Mac reported that average mortgage rates rose for fixed rate mortgages and dropped for 5/1 adjustable rate mortgages. The average rate for a 30-year fixed rate mortgage rose by three basis points to 3.94 percent. The rate for a 15-year fixed rate mortgage rose by four basis points to 3.17 percent. The average rate for a 5/1 adjustable rate mortgage fell by two basis points to 2.93 percent. Discount … (1 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - August 10, 2015
- 08/10/15 12:25 AM
This week's scheduled economic news includes reports on construction spending, a survey of senior loan officers, and reports on labor markets including ADP private sector jobs, the federal government's reports on non-farm payrolls, core inflation and the national unemployment rate.
Construction Spending Slows, Loan Officers Survey Suggests Growing Confidence
Construction spending fell in June after the May reading was revised upward to 1.89 percent from the original reading of 0.90 percent. Spending for residential construction rose by 0.40 percent, while non-residential construction spending remained flat. The seasonally-adjusted annual outlay for construction was $1.06 billion in June.
Analysts continue to note a trend toward … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - August 3, 2015
- 08/03/15 05:03 AM
Last week's scheduled economic reports included the Case-Shiller 20 and 20-City Index reports, pending home sales data released by the National Association of Realtors® and the scheduled post-meeting statement of the Federal Reserve's Federal Open Market Committee.
Case-Shiller: Home Prices Growing at Normal Pace
The Case-Shiller 20-City Home Price index for May reported that year-over-year home prices grew by 4.40 percent year-over-year. S & P Index Committee Chair David M Blitzer said that home prices are increasing gradually by four to five percent a year as compared to double-digit percentages seen in 2013. Mr. Blitzer said that home price growth is expected … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - July 27, 2015
- 07/26/15 11:48 PM
Last week's scheduled economic news releases were limited as no news was released on Monday or Tuesday, but good news did arrive in the form of a dip in mortgage rates for fixed rate loans. The National Association of Realtors® reported higher sales of pre-owned homes and FHFA reported that home price growth associated with mortgages held or backed by Fannie Mae and Freddie Mac held steady in May.
Sales of Pre-Owned Homes and FHFA House Prices Rise
According to the National Association of Realtors®, June sales of existing homes reached their highest level since February 2007. Sales of used homes reached … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - July 13, 2015
- 07/13/15 12:10 AM
Last week's scheduled economic events were few due to the Independence Day holiday. Freddie Mac's weekly survey of mortgage rates brought good news as mortgage rates fell across the board. The Federal Reserve released the minutes of its most recent Federal Open Market Committee (FOMC) meeting and weekly jobless claims rose.
Job Openings Rise to Highest Level Since 2000
The Labor Department reported that U.S. job openings rose from April's reading of 5.33 million to 5.36 million job openings in May. This was the highest reading for job openings since the report's inception in 2000. Private sector job openings rose to 4.85 … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - June 29, 2015
- 06/29/15 05:25 AM
Last week's economic news was largely positive as both new and existing home sales beat expectations. FHFA reported that home price growth held steady in May, while weekly jobless claims edged up, but were lower than expected.
New and Existing Home Sales Exceed Expectations
According to the Commerce Department, new home sales reached 546,000 on an annual basis for May. This surpassed expectations for 525,000 new homes sold and April's revised reading of 534,000 new homes sold. Expectations were based on the original reading of 517,000 new homes sold in April.
Existing home sales rose by 5.10 percent in May to a seasonally-adjusted … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - June 22, 2015
- 06/22/15 12:26 AM
Last week's economic news included National Association of Home Builders / Wells Fargo (NAHB) Housing Market Index and Commerce Department reports on Housing Starts and Building Permits, the post-meeting statement of the Fed's Federal Open Market Committee (FOMC), and Fed Chair Janet Yellen's scheduled press conference.
NAHB: Home Builder Confidence Hits 9 Month High
Home builder confidence in housing market conditions is growing in spite of a planned merger between two builders and related cost-cutting efforts. According to the NAHB's the home builder index posted a reading of 59 in June as compared to an expected reading of 55 and May's reading … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - June 15, 2015
- 06/15/15 12:09 AM
Retail Sales, Consumer Confidence Up
Retail sales rose for the third consecutive month. May sales increased at a seasonally adjusted rate of 1.20 percent according to Commerce Department data. Auto and gasoline sales led the charge to higher retail sales, but analysts said that most retail sectors posted gains. Upward revisions of March and April's retail sales provided evidence of stronger economic conditions.
Consumer sentiment jumped nearly four points from May's reading of 90.7 to 94.6 in June. This appears to be great news compared to the year before the recession, when consumer sentiment averaged a reading of 86.9.
Weekly Jobless Claims, Mortgage … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - June 8, 2015
- 06/08/15 12:04 AM
Last week's economic news included reports on construction spending, Freddie Mac's mortgage rates survey and several employment related reports. The details:
Construction Spending Jumps
The Commerce Department reported that construction spending reached its fastest annual pace since November 2008. Most of the momentum was caused by construction of apartments, commercial projects and roads, and construction of single family homes. Builders spent 2.20 percent more in April than they did in March, which equated to an annual outlay of $1.01 trillion for all types of construction spending. Analysts said that increased spending in construction indicated that the housing sector could see improvement as … (0 comments)
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mortgage rates: What's Ahead For Mortgage Rates This Week - May 26, 2015
- 05/26/15 12:06 AM
Last week's economic reports included several readings related to housing The Wells Fargo/National Association of Home Builders Housing Market Index, the Commerce Department's releases on Housing Starts and Building Permits, and the National Association of Realtors® report on Existing Home Sales supplied mixed news on recent developments in housing. Freddie Mac and the Labor Department released their usual reports on mortgage rates and weekly jobless claims. The details:
NAHB: Builder Confidence Slips, But Remains Positive
The Wells Fargo/ National Association of Home Builders (NAHB) released its Housing Market Index report for April. Although April's reading was two points lower at 54, any … (0 comments)
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A number of economic reports released last week indicate mixed economic progress. The 20-City Home Price Index released by S&P Case Shiller showed that August home prices rose, but New Home Sales dropped in September. The Federal Open Market Committee of the Federal Reserve indicated that it may reserve the target federal funds range at its next meeting in December. 
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