What’s Ahead For Mortgage Rates This Week – July 6, 2020

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Last week’s scheduled economic reports included readings on pending home sales, Case-Shiller Home Price Indices, and labor sector reports on private and public-sector job growth. Data on construction spending was also released. Weekly readings on mortgage rates and jobless claims were also released. Pending Home Sales Jump in May Sales of homes for which purchase contracts were signed rose by 44.30 percent in May and was the highest month-to-month increase recorded since the report’s inception in 2001..Pending home sales are sales with signed purchase contracts but aren’t closed. Lawrence Yun, chief economist for the National Association of Realtors® said,  “This…
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Case-Shiller: Home Price Growth Holds Steady In April

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Case-Shiller’s National Home Price Index showed little change in April as home prices rose by 0.10 percent to a year-over-year average of 4.70 percent. The 20-City Home Price Index showed corresponding home price growth of 0.10 percent to 4.00 percent year-over-year. Ongoing influences on home price growth before the coronavirus pandemic included short supplies of available homes coupled with high demand for homes and low mortgage rates. While closures and shelter-at-home restrictions in many markets slowed buyer and seller activity,  real estate analysts said that home-buyer desiring to buy larger homes to accommodate working at home helped maintain home prices.…
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What’s Ahead For Mortgage Rates This Week – June 29, 2020

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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

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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

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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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Fed’s Open Market Committee Holds Key Rate Steady

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The Federal Reserve’s monetary policy committee decided against changing the Fed’s benchmark interest rate range of 0.00 to 0.25 percent. The Federal Open Market Committee said in its post-meeting statement that it is not considering raising rates until 2023. Two of 17 FOMC members felt that the Fed’s key rate may rise in 2022. Fed Approves Quantitative Easing Measures Committee members also stabilized the Federal Reserve’s ongoing purchases of Treasury bills and mortgage-backed securities and said that the Fed would purchase Treasury bills and mortgage-backed securities “at least at the current pace.” The Fed was tapering its purchases before the…
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