The prior week showed a surprising display of inflation, in that for consumers, it was less than expected. This is giving way to some optimism that inflation is on the right track to being under control. On the other end of the spectrum, for producers, inflation had shown to be slightly higher than expected. But the far higher impact of the two reports is the Consumer Price Index. The Federal Reserve had still stuck to their stance as from the last FOMC opting to withhold any rate … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 13th, 2024
An extremely light week following the FOMC, with the only note-worthy reporting being the Consumer Sentiment reports from the University of Michigan, which gives a long term outlook of the consumer on the economy. The report has come in well under expectations, much more so than any previous release in the last 6 months. This is largely due to the increase in the cost of living for every sector. Consumer Sentiment The University of Michigan’s gauge of consumer sentiment fell to 67.4 in a … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 6th, 2024
Week in Review With the passing of the Federal Open Market Committee rate decision panel, we now have definitively confirmed that the Federal Reserve intends to keep the rates at a two-decade high, for the sixth straight meeting by a unanimous vote. Jerome Powell had stated during the Q&A that they do not intend to cut rates until they have confidence that inflation will, “sustainably stay lower than the 2% objective.” Lending partners have responded in kind by a rush in an … [Read more...]
What’s Ahead For Mortgage Rates This Week – April 29th, 2024
At Wednesday's meeting, the Federal Open Market Committee (FOMC) is widely expected to maintain the current federal funds rate target range of 5.25% to 5.50%. This decision comes amidst conflicting economic signals. Tailing that, there is the Chicago PMI, Non-farm Payrolls, and the full release of the Consumer Confidence report. All of these are expected to match current economic conditions. The prior week's GDP numbers also factor into the equation, informing that economic growth has … [Read more...]
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