Scheduled monthly readings were released for new home sales and consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released. New Home Sales Beat Expectations in February Sales of new homes dropped 4.40 percent in February after reaching a 13-year high in January. 765,000 new homes were sold on a seasonally-adjusted annual basis, which exceeded expectations of 750,000 sales in February. New home sales were 14.30 percent higher year-over-year. Analysts said that further declines monthly new home sales are expected as the coronavirus spreads. The national … [Read more...]
What’s Ahead For Mortgage Rates This Week -March 23rd , 2020
Last week’s economic reports included readings from the National Association of Home Builders on housing market conditions, Commerce Department readings on housing starts and building permits issued and National Association of Realtors® reporting on sales of previously-owned homes. The Federal Reserve canceled the scheduled meeting of the Federal Open Market Committee and Fed Chair’s press conference, but the Fed did lower its target federal funds rate early in the week. Weekly readings on mortgage rates and initial jobless claims were also released. Builder … [Read more...]
What’s Ahead For Mortgage Rates This Week -March 17th, 2020
Last week’s scheduled economic reports included readings on inflation and consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released. Inflation Holds Steady in February The Consumer Price Index rose 0.10 percent in February and matched January’s reading. Analysts expected no inflationary growth for February and noted that the Coronavirus had not yet impacted national inflation. Higher rents and grocery prices caused inflation to rise in February. Year-over-year, the Consumer Price Index rose 2.30 percent in February after posting its highest … [Read more...]
What’s Ahead For Mortgage Rates This Week -March 9th, 2020
Home mortgage rates slipped to their lowest rates on record as uncertainty over the coronavirus continued to impact financial markets. Freddie Mac reported lower average mortgage rates for fixed and adjustable-rate mortgages. Rates for 30-year fixed-rate mortgages fell by 16 basis points to 3.29 percent; the average rate for 15-year fixed-rate mortgages was also 16 basis points lower at 2.79 percent. Mortgage rates for 5/1 adjustable-rate mortgages were two points lower on average at 3.18 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.20 percent for 5/1 … [Read more...]
What’s Ahead For Mortgage Rates This Week -March 2nd, 2020
Economic readings released last week included Case-Shiller and FHFA Home Price Indices and reports on new and pending home sales. The week wrapped up with a report on consumer sentiment and weekly readings on mortgage rates and new jobless claims. Case-Shiller, FHFA Report Faster Home Price Growth Home prices rose by 3.80 percent year-over-year in December according to Case-Shiller’s National Home Price Index. Case-Shiller’s 20-City Home Price Index rose by 2.90 percent year-over-year in December as compared to November’s reading of a 3.50 percent gain over-over-year; … [Read more...]
