Last week’s economic reporting included readings on inflation and consumer sentiment along with weekly readings on mortgage rates and jobless claims. Inflation Rate Unchanged in July According to the government’s Consumer Price Index, month-to-month inflation did not rise in July as compared to June’s reading of 1.30 percent growth. Analysts expected a reading of 0.20 percent inflationary growth. Inflation rose by 8.50 percent year-over-year against expectations of 8.70 percent year-over-year growth and June’s year-over-year inflationary growth of 9.10 percent. Core … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 8, 2022
Last week’s economic reports included readings on construction spending, government reports on jobs, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released. Commerce Department Reports Construction Spending Rose in May The U.S. Commerce Department initially reported less construction spending in May but revised its reading of $1.780 trillion to show that spending rose by 0.10 percent in May to a seasonally adjusted annual rate of $1.782 trillion. Analysts expected construction spending to rise by 0.40 percent month-to-month as compared … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 1, 2022
Last week’s economic news included readings on home price growth, new and pending home sales, and inflation. Weekly reports on mortgage rates and jobless claims were also released. S&P Case-Shiller: Home Price Growth Slows in May Home prices rose at a slower pace in May according to the S&P Case-Shiller National Home Price Index. Year-over-year home prices rose by 19.70 percent in May as compared to April’s year-over-year reading of 20.60 percent in home price appreciation. Tampa, Florida led S&P Case-Shiller’s 20-City Home Price Index with 36.10 percent … [Read more...]
What’s Ahead For Mortgage Rates This Week – July 25, 2022
Last week’s economic news included readings from the National Association of Home Builders on home prices, Commerce Department readings on building permits issued, and housing starts. The National Association of Realtors® reported on sales of previously-owned homes; weekly reports on mortgage rates and jobless claims were also released. NAHB Housing Market Index Posts Lowest Reading Since May 2020 The housing market is cooling off according to July’s NAHB Housing Market Index, which declined to an index reading of 55 as compared to June’s reading of 67 and the … [Read more...]
What’s Ahead For Mortgage Rates This Week – July 18, 2022
Inflation dominated last week’s economic readings and predictions as it hit a year-over-year growth rate of 9.10 percent in July. Inflation reached its highest year-over-year growth rate since 1981. Gasoline prices eased somewhat, but not enough to provide relief against a backdrop of high housing and food prices. Low and moderate-income consumers were disproportionately impacted as rents rose beyond near-record inflation and home prices remained out of reach for many would-be home buyers. Inflation Causing Hardship for Moderate-Income Consumers Consumers faced with rapidly growing … [Read more...]
