Last week’s economic news included readings on inflation, retail sales, and a speech by Federal Reserve Chair Jerome Powell. The University of Michigan released a preliminary reading of its Consumer Sentiment Survey; weekly readings on mortgage rates and initial jobless claims were also released. April Inflation and Retail Sales in Negative Territory Consumer prices fell in April to a negative reading of -0.80 percent and matched expectations. The Core Consumer Price Index, which excludes … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 11th, 2020
Last week’s economic releases included readings on public and private sector employment, the national unemployment rate. Economic Destruction Continues as Coronavirus Spreads ADP reported 20.2 million private-sector jobs lost in April as compared to 149,000 jobs lost in March. The government’s Non-Farm Payrolls report showed -20.5 million public and private-sector jobs lost in April as compared to -870,000 jobs lost in March. Both of these jobs reports typically show job growth, but … [Read more...]
Case-Shiller: February Home Prices Gained Before Coronavirus Outbreak
Home prices continued to grow in February according to the Case-Shiller Home Price Indices. National home prices grew at a seasonally-adjusted annual pace of 4.20 percent as compared to national home price growth of 3.90 percent in January. Case-Shiller's 20-City Home Price Index showed higher home price growth rates in February with average annual home price growth of 3.50 percent. January home prices grew by 3.10 percent for cities included in the 20-City Index. The lowest year-over-year home … [Read more...]
The Narrowing Gap Between Renting And Buying A Home In The US
According to data compiled by Realtor.com in the fourth quarter of 2019, it is still more affordable overall to rent versus buy a home -- but just barely. The median monthly mortgage payment at the end of 2019 was $1,600, while the median monthly rent payment was $1,319. This is largely due to steadily-increasing rates, rising home prices, and near-record-low mortgage rates. The Realtor.com study looked at 593 counties across the country. As compared to the fourth quarter of 2018, the average … [Read more...]
Case-Shiller: January Home Price Growth Strong; Pandemic Impact Unknown
United States home prices increased by 3.90 percent year-over-year in January as compared to December’s growth rate of 3.70 percent according to Case-Shiller’s National Home Price Index. Home prices also rose in Case-Shiller’s 20-City Home Price Index. 20-City Home Price Index: Phoenix Arizona Leads in Home Price Growth The Case-Shiller 20-City Home Price Index is followed closely by real estate pros and its trends are used to gauge home price growth within cities included in … [Read more...]
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