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What’s Ahead For Mortgage Rates This Week – April 14th, 2019
Last week’s economic readings included reports on inflation, mortgage rates, and first-time jobless claims. Monthly reporting on consumer sentiment was delayed.
Consumer Price Index: Inflation Rises in March
The Consumer Price Index rose 0.40 percent in March, which matched expectations and surpassed February’s month-to -month reading of 0.20 percent growth. The March reading showed the highest consumer price growth in 14 months; higher rents, fuel and food prices contributed to month-to-month price gains in March.
The Core CPI excludes volatile food and energy sectors and was unchanged in March although 0.20 percent growth was expected. February’s reading showed 0.10 percent growth. Inflation increased 1.90 percent year over year.
Mortgage Rates Rise
Freddie Mac reported higher mortgage rates last week that stopped weeks of decreasing rates. Mortgage rates for 30-year fixed rate mortgages averaged 4.12 percent and rose four basis points. Rates for 15-year fixed rate mortgages averaged 3.60 percent and were also four basis points higher than during the prior week. The average rate for 5/1 adjustable rate mortgages jumped 14 basis points to 3.80 percent. Discount points averaged 0.50 percent for 30-year fixed rate mortgages and 0.40 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.
Freddie Mac reported fewer mortgage applications in response ... more

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