What’s Ahead For Mortgage Rates This Week – November 21, 2022

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Last week’s economic reporting included readings on U.S housing markets, housing starts, and building permits issued. Data on sales of previously-owned homes were released along with weekly reports on mortgage rates and jobless claims. Builder Sentiment on Housing Markets Declines in November November’s National Association of Home Builders Housing Market Index fell five points to an index reading of 33; analysts expected a reading of 36. November’s reading was the lowest since June 2012 except during the pandemic. All three indices contributing to the Housing Market Index were lower in November than in October. Homebuilder sentiment regarding current sales conditions…
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What’s Ahead For Mortgage Rates This Week – November 14, 2022

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Last week’s scheduled economic news included readings on monthly and year-over-year inflation and the University of Michigan’s preliminary reading on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. Consumer Price Index: Inflation Shows Signs of Slowing Government readings on October inflation showed signs of stabilizing and even slowing. The Consumer Price Index for October showed month-to-month inflationary growth of 0.40 percent as compared to the expected reading of 0.60 percent and September’s reading of 0.40 percent growth. Year-over-year inflation rose by 7.70 percent as compared to the expected reading of 7.90 percent and September’s reading…
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What’s Ahead For Mortgage Rates This Week – November 7, 2022

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Last week’s economic reporting included the Federal Reserve’s statement on its target interest rate range and Fed Chair Jerome Powell’s regularly-scheduled press conference. Data on construction spending and public and private-sector jobs was published along with weekly reports on mortgage rates and jobless claims. Fed Hikes Key Interest Rate Range, but Signals a Future Slowdown The Federal Reserve increased its key interest rate range last week from 3.50-3.75 percent to 3.75-4.00 percent. While this was the highest interest rate range in 15 years, the Fed said it plans to continue raising the target interest rate range until it reduces the…
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S&P Case-Shiller Home Price Indices: U.S. Home Price Growth Slows in August

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U.S home price growth slowed for the second consecutive month in August according to S&P Case-Shiller’s national home price index. National home price growth fell by -9.8 percent year-over-year as compared to July’s year-over-year reading of  -5.3 percent. Home price growth slowed by -1.1 percent month-to-month from July to August. Rising Mortgage Rates and Recession Worries Dampen Homebuyer Interest The Mortgage Bankers Association forecasted a recession in 2023 and expects mortgage rates to fall to approximately 5.40 percent by the end of 2023. Mike Fratantini, senior vice president and chief economist at the MBA, said: “The upside of [a potential…
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What’s Ahead For Mortgage Rates This Week – October 24, 2022

Financial Reports , ,
Last week’s economic reporting included readings from the National Association of Home Builders on national and regional  U.S. housing markets. The National Association of Realtors® reported on sales of previously-owned homes, and the Commerce Department released readings on building permits issued and housing starts. Weekly readings on mortgage rates and jobless claims were also released. NAHB: Home Builder Confidence in Housing Market Falls for 10th Consecutive Month The National Association of Home Builders reported that home builder confidence in the U.S housing market fell for the 8th consecutive month in October; the organization described the situation as “unsustainable.” The NAHB…
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What’s Ahead For Mortgage Rates This Week – October 24, 2022

Financial Reports , ,
Last week’s economic reporting included readings from the National Association of Home Builders on national and regional  U.S. housing markets. The National Association of Realtors® reported on sales of previously-owned homes, and the Commerce Department released readings on building permits issued and housing starts. Weekly readings on mortgage rates and jobless claims were also released. NAHB: Home Builder Confidence in Housing Market Falls for 10th Consecutive Month The National Association of Home Builders reported that home builder confidence in the U.S housing market fell for the 8th consecutive month in October; the organization described the situation as “unsustainable.” The NAHB…
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What’s Ahead For Mortgage Rates This Week – October 17, 2022

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Last week’s economic reporting included readings on month-to-month and year-over-year inflation and the minutes of the most recent meeting of the Federal Reserve’s Federal Open Market Committee. The University of Michigan published its preliminary consumer sentiment reading and weekly reports on mortgage rates and jobless claims were also released. September Inflation Readings Provide No Relief Inflation rose by a month-to-month pace of  0.40 percent in September as costs for staples including rent, food, and medical care increased. The Fed raised its target interest rate by 0.75 percent. Year-over-year inflation rose by 7.20 percent; this was the highest growth reading since…
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What’s Ahead For Mortgage Rates This Week – October 10, 2022

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Last week’s economic reporting included readings on construction spending, public and private sector job growth, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released. Construction Spending Falls in August The Commerce Department reported less construction spending in August as spending fell by -0.70 percent to $1.78 trillion as compared to July’s reading of $1.79 trillion. August construction spending was lower than the expected reading of -0.20 percent and July’s revised construction spending reading of -0.60 percent. Year-over-year construction spending rose by 8.50 percent. Mortgage Rates Mixed, Jobless Claims Rise Freddie Mac reported lower…
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What’s Ahead For Mortgage Rates This Week – October 3, 2022

Market Outlook, Mortgage , ,
Last week’s economic news included readings on home prices, pending home sales, and inflation. The University of Michigan released its monthly reading on consumer sentiment and weekly readings on mortgage rates and jobless claims were also published. S&P Case-Shiller Home Price Indices: Home Price Growth Slower in July According to S&P Case-Shiller’s national reading for July home prices, home price growth slowed by -2.90 percent in July as compared to +3.00 percent growth in June. This reading supported analysts’ expectations of a cooling housing market after months of rapidly rising home prices in many areas.  The S&P Case-Shiller 20-City Home…
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Case-Shiller Home Price Indices: Home Price Growth Slows in July

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The S&P Case-Shiller Home Price Indices for July showed a sharp slowing in home price growth from June to July. National home price growth slowed from June’s reading of 18.7 percent year-over-year growth to 16.10 percent home price growth in July. This reading translated to an 0.20 percent loss in month-to-month home price growth. The S&P Case-Shiller 20-City Home Price Index fell 0.40 percent in July after increasing by 0.40 percent in June. This was the first time since March 2012 that the 20-City Home Price Index posted a decreasing pace of home price growth; all 20 cities posted slower…
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