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 … [Read more...]
What’s Ahead For Mortgage Rates This Week – June 8, 2020
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 … [Read more...]
What’s Ahead For Mortgage Rates This Week – June 1, 2020
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 … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 26th, 2020
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 … [Read more...]
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