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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Mortgage 101: How Interest-Only Mortgages Work and Why They’re A Good Solution for Some Buyers

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Whether you're a first-time homebuyer or an experienced real estate investor, if you are planning to borrow funds to buy a home you will want to choose the right mortgage product. In today's blog post we'll explore how interest-only mortgages work and why they're the perfect choice for some homebuyers. How Interest-Only Mortgages Differ From Conventional Ones As the name suggests, interest-only mortgages are loans where you are only required to pay off the interest portion of the loan each month for some specific term. The length of these loans can be up to ten years, although five or seven…
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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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Finding The Best Mortgage Deal: What To Do

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You have worked hard for your money, and you probably want to save as much of it as you possibly can. That means you need to find the best possible mortgage deal you can. What are a few steps you should take if you want to get the best loan terms possible? 1. Get Plenty Of Estimates You need to get a lot of estimates from different types of lenders. Examples include private mortgage companies, commercial banks, and credit unions. If you have a real estate agent, you may want to see if they can refer you to a loan…
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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 – September 19, 2022

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Last week’s economic reporting included readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. Consumer Inflation Rate Falls as Gas Prices Decrease Lower gas prices was welcomed news to consumers last week, but analysts said that high inflation would continue to impact consumer goods including groceries. The core inflation rate, which excludes volatile food and fuel prices, rose by 0.60 percent, which was twice the expected month-to-month pace of  0.30 percent. Rapidly rising inflation could cause the Federal Open Market Committee of the Federal Reserve to raise its target interest…
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What’s Ahead For Mortgage Rates This Week – September 12, 2022

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Last week’s economic reporting was minimal due to the Labor Day Holiday. Fed Chair Jerome Powell Weekly readings on mortgage rates and jobless claims were also released. Fed Chair: Rates Expected to Remain Higher Chair Powell said that interest rates will remain high for a longer than expected time as “history cautions against prematurely loosening [monetary] policy.” The Federal Reserve has a legislative mandate to maintain its target interest rate range at or near 2 percent, During a discussion at the Cato Institute, Chair Powell said that the longer inflation remains above the target rate range the more likely the…
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What’s Ahead For Mortgage Rates This Week – September 6, 2022

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Last week’s economic reporting included readings on home price growth, federal data on public and private sector job growth, the national unemployment rate, and data on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. S&P Case Shiller: Home Price Growth Slows in June The S&P Case-Shiller National Home Price Index reported slower home price growth in June as home price growth slowed to a year-over-year pace of 18.0 percent as compared to May’s reading of 19.9 percent. The 20-City Home Price Index posted 18.6  percent growth in June as compared to May’s reading of 20.50…
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What’s Ahead For Mortgage Rates This Week – August 22, 2022

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Last week’s economic reporting included readings on home builder confidence in housing market conditions, Commerce Department readings on building permits issued, and housing starts along with readings on retail sales. Weekly readings on mortgage rates and jobless claims were also published. NAHB: Home Builder Confidence Falls for 8th Consecutive Month in August  The National Association of Home Builders reported an index reading of 49 for home builder confidence in August. Analysts expected a reading of 54 and July’s index reading was 55. Readings over 50 indicate that a majority of home builders surveyed viewed current housing market conditions as positive. Builders…
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What’s Ahead For Mortgage Rates This Week – August 15, 2022

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Last week’s economic reporting included readings on inflation and consumer sentiment along with weekly readings on mortgage rates and jobless claims. Inflation Rate Unchanged in July According to the government’s Consumer Price Index, month-to-month inflation did not rise in July as compared to June’s reading of 1.30 percent growth. Analysts expected a reading of 0.20 percent inflationary growth. Inflation rose by 8.50 percent year-over-year against expectations of 8.70 percent year-over-year growth and June’s year-over-year inflationary growth of 9.10 percent. Core inflation, which excludes volatile food and fuel sectors, rose by 0.30 percent month-to-month in July. Analysts expected a core inflation…
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