Interest Rates

Last week's economic reports included readings on sales of new and pre-owned homes and weekly reports on mortgage rates and first-time jobless claims. Realtors® Report Sales of Pre-Owned Homes Fall in June Sales of previously-owned homes fell last month according to real estate pros. 5.27 million homes would be sold in 2019 if the current pace of sales was unchanged for all of 2019. Analysts expected a reading of 5.33 million sales based on May's reading of 5.38 million sales. Analysts said that sales of pre-owned homes fell despite lower mortgage rates and the seasonal peak home-buying season. Sales of…

Last week's economic releases included reports on inflation, core inflation and minutes from the Federal Open Market Committee Meeting held June 18 and 19. Weekly readings on mortgage rates and first-time jobless claims were also released. Inflation Rate Rises, but Grows at Lowest Pace in Four Months June's Consumer Price Index reported the lowest rate of inflation in four months with a year-over-year rate of 1.60 percent growth as compared to May's year-over-year inflation rate of 1.80 percent. Fuel prices were lower, which helped balance rising costs of rent, clothing and autos. Analysts said that falling inflation rates would be a…

Last week's scheduled economic news included readings on construction spending and reports on public and private sector  jobs. Monthly readings for public and private sector jobs and the national unemployment rate were released along with weekly reports on mortgage rates and initial jobless claims. Construction Spending Dips in May May construction spending fell to a seasonally-adjusted annual rate of 0.80 percent growth at a pace of $1.3 trillion as compared to April's reading, which was adjusted to 0.40 percent growth after reports of a flat reading. Year-over-year construction spending  was 2.30 percent lower in May.   High materials costs and…

Last week's economic reports included readings on home prices, sales of pre-owned homes and pending home sales. Weekly readings on mortgage rates and first-time jobless claims were also released. Case-Shiller Home Price Index: Home Price Growth Slips in April Case-Shiller reported slower home price growth in April; home prices were 0.20 percent lower at 3.50 percent. Increasing inventories of homes for sale provided buyers with more choices and eased demand, which increased in recent years due to severe shortages of available homes. Cities on the west coast previously dominated home price growth, but the top three cities with highest home…