Last week's economic reports included remarks by Federal Reserve Chair Jerome Powell, readings on inflation and core inflation. Weekly readings on mortgage rates and first-tome jobless claims were also released. If the government shutdown continues, it is expected to impact release dates for readings from federal government agencies. Federal Reserve Watches and Waits on Interest Rates as Inflation Slows Fed Chair Jerome Powell said that the Federal Open Market Committee of the Federal Reserve will "wait and see" about raising the target federal funds rate this year. Chairman Powell spoke at a … [Read more...]
What’s Ahead For Mortgage Rates This Week – January 7th, 2019
Last week's economic reports included Labor Department readings on private and public sector jobs, the national unemployment rate. Weekly readings on mortgage rates and first-time jobless claims were also released. Monthly reporting on construction spending was delayed due to the government shutdown. Public and Private-Sector Jobs Growth Exceeds Expectations ADP reported 271private sector jobs added in December as compared to 157,000 jobs added in November. Analysts expected 182,000 jobs added for December and said that December's reading was the highest number of jobs added in almost two … [Read more...]
Case-Shiller: Home Price Growth Grinds to Lowest Rate in 2 Years
Home prices rose by 0.40 percent in October according to Case-Shiller's 20-City Home Price Index and were unchanged from September's year-over-year reading of 5.50 percent growth. Slower growth in home prices could help some would-be home buyers enter the market, but rapidly rising mortgage rates have sidelined buyers concerned with affordability and meeting strict mortgage lending requirements. High Mortgage Rates Stifle Demand for Homes October's year-over-year reading for home price growth was the lowest in two years, but home price growth continued to exceed wage increases; builders … [Read more...]
What’s Ahead For Mortgage Rates This Week – December 31st, 2018
Last week's economic reports included readings from Case-Shiller Housing Market Indices, National Association of Realtors® on pending home sales and weekly readings on mortgage rates and new jobless claims. The Commerce Department's reading on sales of new homes was delayed due to the federal government's shutdown. Case-Shiller: Home Price Growth Lowest in Two Years Home price growth was nearly nil with October's month-to-month reading of 0.40 percent; The Case-Shiller 20-City Home Price Index showed a year-over-year home price growth rate of 5.50 percent, which matched September's … [Read more...]
FOMC Raises Key Rate, Forecasts 2 Rate Hikes in 2019
During its post-meeting statement, the Federal Open Market Committee of the Federal Reserve announced that its target range for the Fed's key interest rate would increase one quarter percent to 2.25 to 2.50 percent. While this rate hike was not expected by the Executive branch, it met analyst expectations. FOMC said in its customary post-meeting statement that members expect to make two interest rate hikes in 2019 as compared to three rate hikes in 2018 and the Committee's original forecast of three rate hikes in 2019. Given current economic conditions, the Fed forecasted only one rate hike … [Read more...]
