Mortgage Rates

Last week’s economic reports included readings on public and private sector jobs, the national unemployment rate and weekly readings on mortgage rates and new unemployment claims. ADP: Private-Sector Job Growth Eases in December Private-sector jobs increased by 202,000 jobs in December and exceeded expectations. November’s original reading of 60,000 new private-sector jobs was revised to 124,000 jobs. Three and six-month average private-sector job growth rates were 159,000 and 151,000 jobs, but these growth rates fell short of 2018’s average monthly job growth rate of 218,000 jobs added. Analysts said that private-sector job growth has settled into a more modest but steady pattern. Non-Farm Payrolls: Public and Private-Sector Job Growth Slower in…

Last week’s economic reports included readings from Case-Schiller Home Price Indices and National Association of  Realtors® data on pending home sales. The Conference Board of the U.S. Senate also released its Consumer Confidence Index. Weekly readings on mortgage rates and first-time jobless claims were also released. Case-Shiller Reports 0.10 Percent Uptick in National  Home Price Index The National Home Price Index issued by Case-Shiller for October reported a year-over-year increase of 3.20 percent in home prices. Case-Shiller’s 20-City Home Price Index reflected the influence of low inventories of affordable homes as pricey metro areas reported slower growth if not declines in home-price growth.  The top three cities reporting highest year-over-year home…

Last week’s economic reports were limited due to the Christmas holiday. New home sales data was released along with a weekly reading on mortgage rates. Census Bureau: New Home Sales Hit Highest Level Since 1999 Mortgage rates below 4.00 percent propelled the highest number of new homes sold since 1999. 719,000 new homes were sold on a seasonally-adjusted annual basis in November. Analysts expected November sales of new homes to reach 740,000 sales based on October’s original reading of 733,000 sales, but this reading was later revised to 710,000 sales. New home sales reported are based on a narrow range of data and subject to major revisions. Slim inventories of previously-owned…

Last week’s economic reports included readings on inflation and retail sales; the Federal Reserve released its post-meeting statement from its Federal Open Market Committee. Weekly readings on mortgage rates and new jobless claims were also released. Inflation, Retail Sales Rate Dip in November The Commerce Department’s Consumer Price Index dipped in November to a growth rate of 0.20 percent as compared to October’s growth rate of 0.40 percent. Analysts expected inflation to slow to 0.20 percent growth. Year-over-year inflation rose to 2.10 percent, which was its highest reading in a year. Analysts said rising rents, energy and healthcare costs caused the higher consumer inflation reading. November’s Core Consumer Price Index was…

Last week’s economic reports included readings on construction spending and multiple labor sector reports including private and public sector jobs and the national unemployment rate. Weekly reports on average mortgage rates and first-time jobless claims were also released. Construction Spending Falls 0.80 Percent in October Commerce Department reports on construction spending said that spending fell by 0.80 percent to a seasonally-adjusted annual rate of $1.29 million. Analysts expected construction spending to increase by 0.40 percent based on September’s original reading of 0.50 percent growth, which was later revised to -0.30 percent. Less construction of multifamily homes and apartments caused a decrease in October construction spending. Private construction spending fell by -1.00…