What’s Ahead For Mortgage Rates This Week – June 29, 2020

Last week’s scheduled economic news included readings on sales of new and pre-owned homes and reports on inflation. Weekly reports on mortgage rates and new and continuing jobless claims were also released. Home Sales Results Mixed for May The National Association of Realtors® reported fewer sales of pre-owned homes in May at a seasonally-adjusted annual pace of 3.91 million sales. Analysts expected 3.80 million sales as compared to April’s reading of 4.33 million sales. This was the lowest reading for sales of pre-owned homes since July 2010 and sales were 26.60 percent lower year-over-year. Lawrence Yun,  the chief economist for…
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What’s Ahead For Mortgage Rates This Week – June 22, 2020

Last week’s scheduled economic reporting included readings on U.S. Housing markets, housing starts, and building permits issued. Weekly reports on new and continuing jobless claims and mortgage rates were also released. NAHB: Builder Confidence in Housing Market Recovers in June Analysts cited slim supplies of available homes, tight housing markets, and low mortgage rates as drivers of new home sales. Builder confidence in current housing market conditions rose 21 points to an index reading of 58 in June;  builder confidence in housing market conditions in the next six months rose 22 points to 68. Builder confidence in buyer traffic in…
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What’s Ahead For Mortgage Rates This Week – June 15, 2020

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…
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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…
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