17
Aug
By Jim Hasek
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – August 17, 2020

  Last week’s scheduled economic news included readings on inflation and retail sales. Weekly reports on mortgage rates and new and continuing jobless claims were also released. In other news, the FHFA announced an increase in fees charged by Fannie Mae and Freddie Mac for home loan refinance transactions. Inflation Readings Mixed as Retail Sales Fall Consumer prices rose by 0.60 percent in July and matched June’s reading. Analysts expected a July reading of 0.40 percent growth. The Core Consumer Price Index, which excludes volatile food and energy sectors, rose by 0.60 percent in July and exceeded June’s reading of…
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10
Aug
By Jim Hasek
Financial Reports, ,

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

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…
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03
Aug
By Jim Hasek
Financial Reports, ,

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

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…
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31
Jul
By Jim Hasek
Financial Reports, ,

FOMC Statement: Fed Holds Key Rate Steady as Coronavirus Spreads

Wednesday’s post-meeting statement of the Federal Reserves Federal Open Market Committee reaffirmed its concern over the coronavirus pandemic and its impact on the economy and health of all Americans. The Committee voted to hold its benchmark target federal funds range at 0.00 percent to 0.25 percent. Analysts do not expect the Fed to raise its key interest rate more than once in the next three years. Federal Reserve Chair Jerome Powell said that the sharp increase in Covid-19 cases in mid-June kept the economy from recovering after the virus pandemic caused a historic plunge in the U.S. Gross Domestic Product…
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27
Jul
By Jim Hasek
Financial Reports, , ,

What’s Ahead For Mortgage Rates This Week – July 27, 2020

Last week’s economic reporting included readings on sales of new and previously owned homes. State and federal data on new and continuing jobless claims were released along with Freddie Mac’s weekly report on mortgage rates. Sales of New and Existing Homes Rise in June Sales of new homes rose at their highest rate in 13 years according to the Commerce Department. New homes sold at a seasonally-adjusted annual pace of 776,000 sales, which exceeded the expected reading of 710.000 new single-family homes sold and May’s reading of 682,000 new homes sold. Analysts said that increased interest in relocating to suburban…
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20
Jul
By Jim Hasek
Financial Reports, ,

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

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.”…
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