What’s Ahead For Mortgage Rates This Week – November 16, 2020

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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. Federal Reserve Chair Jerome Powell and Federal Reserve Board members addressed economic expectations resulting from the COVID-19. Chair Powell said that there would be no quick fix for the economy and that the economy would suffer for four to six months until the pandemic slows. He also said that a COVID-19 vaccine would not be a panacea for the virus and said that “ the next few months could be challenging” as the virus spreads at a faster pace.…
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What’s Ahead For Mortgage Rates This Week – November 9, 2020

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Last week’s economic news included readings on construction spending, the Fed’s Federal Open Market Committee statement, and a press conference by Federal Reserve chairman Jerome Powell. Labor data on public and private sector jobs and the national unemployment rate were reported along with weekly readings on mortgage rates and jobless claims. Residential Developments Lead September Construction Spending High demand for homes continued to fuel home construction, but public and non-residential construction spending was slower according to the Commerce Department. Residential construction spending rose by 2.70 percent on a seasonally-adjusted annual basis while public construction spending decreased by -1.70 percent and…
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What’s Ahead For Mortgage Rates This Week – September 28, 2020

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  Last week’s economic news included readings on new and existing home sales and Fed Chair Jerome Powell’s testimony on changing the Fed’s business loan policy. Weekly readings on mortgage rates and jobless claims were also released. Sales of New and Pre-Owned Homes Rise In August New homes sold at a seasonally-adjusted annual pace of 1.01 million sales; analysts expected the sales pace to fall to 900,000 sales from July’s reading of 965,000 new home sales. Homebuyers turned to new homes as the supply of pre-owned homes dwindled. Homeowners stayed put as fears over COVID-19 contagion limited sales. Pre-owned homes…
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What’s Ahead For Mortgage Rates This Week – September 21, 2020

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Last week’s economic news included readings on housing market conditions, housing starts, building permits issued, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. National Association of Home Builders Reports Record High Builder Confidence The NAHB reported record high builder confidence in housing market conditions. The Housing Market Index had an index reading of 83 in September as compared to August’s reading of 78. Analysts said that this builder confidence reading was notable due to rising costs for building materials. Component readings of the NAHB Housing Market Index also rose in September. Builder confidence in…
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What’s Ahead For Mortgage Rates This Week – September 14, 2020

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Last week’s economic news included readings on inflation, job openings, and weekly reports on jobless claims and mortgage rates. Inflation Rate Slows in August After posting 0.60 percent growth for each month in June and July, the Consumer Price Index rose by 0.40 percent in August. These growth rates offset declines in inflation during the first three months of the COVID-19  pandemic. Used vehicle prices increased after deep discounts offered when the pandemic started; analysts said that rising prices for used vehicles offset losses in previous months and produced low inflation for August. Core inflation, which excludes volatile food and…
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What’s Ahead For Mortgage Rates This Week – September 8, 2020

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Last week’s scheduled economic news included readings on construction spending and labor sector reports on public and private sector jobs. The national unemployment rate was also reported. Weekly readings on mortgage rates and jobless claims were also published. July Construction Spending Rises Construction spending rose from June’s seasonally adjusted annual pace of  $1.363 billion to $1,365 billion in July. The U.S. Census Department reports construction spending and readings are subject to adjustment. Growth in construction spending is due to a demand for homes in less congested areas.COVID-19 is creating more demand for larger homes that accommodate working from home. Mortgage…
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