10 Aug 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – August 10, 2020

Financial Reports
Economic readings released last week included construction spending, public and private-sector job growth, and government reports on initial and continuing jobless claims. Freddie Mac also released its weekly report on average mortgage rates. Construction Spending Falls in June Commerce Department reporting for June showed lower construction spending for the fourth consecutive month, but spending fell by -0.70 percent as compared to May’s negative reading of -1.70 percent. June’s construction spending was $1.36 million at a seasonally adjusted annual rate. Residential construction spending fell by 1.50 percent in June as public construction spending fell by -0.70 percent. Analysts said that construction spending has held up relatively well in the pandemic as spending…
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03 Aug 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – August 3, 2020

Financial Reports
Last week’s economic reports included readings from Case-Shiller Home Price Indices, data on pending home sales, and the consumer sentiment index released by the University of Michigan. The Federal Reserve released a statement from its Federal Open Market Committee and Fed Chair Jerome Powell gave a press conference. Weekly readings on mortgage rates and expanded reports on jobless claims were also released. Case-Shiller Home Price Readings Showed Slowing Home Price Gains in May May readings from Case-Shiller Home Price Indices showed no decline in home prices, but the national pace of home price growth slowed to 4.50 percent from April’s national average of 4.60 percent. The Case-Shiller 20-City Home Price Index…
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20 Jul 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – July 20, 2020

Financial Reports
Last week’s economic reports included readings from the National Association of  Home Builders on housing markets along with Commerce Department data on housing starts and building permits issued. Weekly reports on mortgage rates and unemployment claims were also released. NAHB: Builder Confidence in Housing Markets Increases in July Homebuilders gained confidence in housing market conditions as home buyers sought homes in less-congested suburban areas. Builder confidence rose 14 points to an index reading of 72 in July. NAHB Chair Chuck Fowke said, “Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean.” Homebuyers sought larger homes to accommodate work-at-home needs and also fled…
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13 Jul 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – July 13, 2020

Financial Reports
Last week’s scheduled economic news included readings on consumer credit, job openings, jobless claims, and mortgage rates. Consumer Borrowing Declined at Slower Pace in May According to Federal Reserve data, consumer borrowing fell at a slower annual pace of -5.30 percent in May as compared to April’s reading of -20 percent. Non-revolving consumer credit, which includes vehicle and student loans, increased by 2.30 percent in May. The Federal Reserve does not report on real estate loans. Federal assistance programs including the first round of stimulus checks, additional unemployment payments and support for businesses contributed to better readings for the economy in May, but last week’s rising coronavirus cases may cause all…
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29 Jun 2020
By Mortgage Blog Content

What’s Ahead For Mortgage Rates This Week – June 29, 2020

Financial Reports
Last week’s scheduled economic news included readings on sales of new and pre-owned homes and reports on inflation. Weekly reports on mortgage rates and new and continuing jobless claims were also released. Home Sales Results Mixed for May The National Association of Realtors® reported fewer sales of pre-owned homes in May at a seasonally-adjusted annual pace of 3.91 million sales. Analysts expected 3.80 million sales as compared to April’s reading of 4.33 million sales. This was the lowest reading for sales of pre-owned homes since July 2010 and sales were 26.60 percent lower year-over-year. Lawrence Yun,  the chief economist for the National Association of Realtors®, said that sales were expected to…
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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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