Mortgage Rates

Last week's economic news was slim due to the Labor Day Holiday. Scheduled releases included the Fed's Beige Book Report and weekly readings on mortgage rates and new jobless claims.  Beige Book Cites Concerns Over U.S. Auto Industry Federal Reserve Board members shared anecdotes from their respective regions; of note were concerns about U.S. automakers. Auto production was more than 16 percent lower year-over-year in Cleveland, Ohio. Fed business contacts said that automakers are no longer seeking buildings for expanding production. Analysts said that slowing auto production and sales could indicate slowing economic trends. Auto industry slow-downs could also result…

Last week's economic reports included readings on home prices, pending home sales and construction spending. Weekly reports on mortgage rates and new jobless claims were released along with labor-sector readings on Non-Farm Payrolls, ADP employment and National Unemployment. Case-Shiller: Three Western Cities Hold Top Three Places for Home Price Growth According to Case-Shiller's June edition of its 20-City Home Price Index, the top three spots were again held by Seattle, Washington, Portland Oregon and Dallas, Texas. Seattle home prices outstripped Portland, Oregon with a reading of 13.40 percent home price growth on a seasonally-adjusted annual basis. Portland, Oregon home prices…

Last week's economic news included readings on sales of new and previously-owned homes, Weekly readings on mortgage rates and new jobless claims were also released, along with coverage of Fed Chair Janet Yellen's remarks at a conference in Jackson Hole, Wyoming. Home Sales Lower in July According to the Commerce Department, new home sales fell to a seven-month low in July; 571,000 new homes were sold on a seasonally-adjusted annual basis in July.  This reading fell short of the expected sales rate of 608,000 new home sales and June's reading of 630,000 sales. This was unwelcome news for home builders,…