22 Jun 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – June 22, 2020

Financial Reports
Last week’s scheduled economic reporting included readings on U.S. Housing markets, housing starts, and building permits issued. Weekly reports on new and continuing jobless claims and mortgage rates were also released. NAHB: Builder Confidence in Housing Market Recovers in June Analysts cited slim supplies of available homes, tight housing markets, and low mortgage rates as drivers of new home sales. Builder confidence in current housing market conditions rose 21 points to an index reading of 58 in June;  builder confidence in housing market conditions in the next six months rose 22 points to 68. Builder confidence in buyer traffic in new single-family housing developments rose from May’s index reading of 21…
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15 Jun 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – June 15, 2020

Financial Reports
Last week’s economic reporting included readings on inflation, the post-meeting statement from the Fed’s Federal Open Market Committee, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. Inflation Ticks Up in May May’s Consumer Price Index moved from April’s reading of -0.80 percent to -0.10 percent. The Core Consumer Price Index, which excludes volatile food and energy sectors, rose to -0.40 percent in May as compared to April’s reading of -0.40 percent. The Consumer Price Indices are used to calculate overall and core inflation rates. The Federal Reserve uses an annual inflation rate of 2.00 percent as an indicator for achieving price stabilization. The Federal Open…
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12 Jun 2020
By Mortgage Blog Content

Fed’s Open Market Committee Holds Key Rate Steady

Financial Reports
The Federal Reserve’s monetary policy committee decided against changing the Fed’s benchmark interest rate range of 0.00 to 0.25 percent. The Federal Open Market Committee said in its post-meeting statement that it is not considering raising rates until 2023. Two of 17 FOMC members felt that the Fed’s key rate may rise in 2022. Fed Approves Quantitative Easing Measures Committee members also stabilized the Federal Reserve’s ongoing purchases of Treasury bills and mortgage-backed securities and said that the Fed would purchase Treasury bills and mortgage-backed securities “at least at the current pace.” The Fed was tapering its purchases before the Coronavirus pandemic. FOMC members moved to stimulate the economy through quantitative…
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08 Jun 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – June 8, 2020

Financial Reports
Last week’s economic news included readings on construction spending and labor reports on public and private sector jobs and the national unemployment rate. Weekly readings on mortgage rates and first-time jobless claims were also released. Construction Spending Falls in April The Commerce Department reported lower than expected deficits in consumer spending in April. Construction spending fell by -2.90 percent from the March reading of 0.00 percent growth in spending; analysts expected 6.80 percent less construction spending for April due to the Coronavirus pandemic. Additional declines in construction spending are expected for May and June as impacts of the Coronavirus and uncertain economic conditions lessen demand for homes. Residential construction spending fell…
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01 Jun 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – June 1, 2020

Financial Reports
Last week’s economic reports included monthly readings from Case-Shiller Home Price Indices, FHFA home prices, and readings on new and pending home sales. Weekly reports on mortgage rates and first-time jobless claims were also released. Case-Shiller Home Price Indices: Home Price Growth Pace Increased In March National home prices rose at a year-over-year pace of 4.50 percent in March from February’s reading of 4.20 percent. According to the Case-Shiller 20-City Home Price Index, home prices rose by 0.40 percent to a year-over-year growth rate of 3.90 percent. The three cities reporting the highest rates of home price growth year-over-year were Phoenix, Arizona with 8.20 percent year-over-year growth; Seattle, Washington reported year-over-year…
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26 May 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – May 26th, 2020

Financial Reports
Last week’s economic news included readings from the National Association of Home Builders on housing market conditions and reports on housing starts and building permits issued. Fed Chair Jerome Powell testified before Congress about the impact of Covid-19. Weekly reports on mortgage rates and first-time jobless claims were also released. NAHB: Home Builder Confidence Improves in May Home-builder confidence rose seven points in May to an index reading of 37; April’s reading of 30 was the lowest reading for the NAHB Housing Market Index since June 2012. Low mortgage rates and expectations that the worst of the Covid-19 pandemic had passed contributed to higher readings for builder confidence. Component readings in…
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