Last week's economic news was highlighted by Fed Chair Janet Yellen's speech in Philadelphia. Although Chair Yellen alluded to future Fed rate hikes, she did not specify when Fed policymakers would next raise the target federal funds rate. Increases in the fed funds rate typically signal increases in consumer credit and home mortgage rates. Last week's speech was seen as a precursor to the Federal Open Market Committee statement that will occur at the conclusion of next week's FOMC … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 31, 2016
Last week's economic reports included new home sales, pending home sales along with weekly mortgage rates and new jobless claims. New Home Sales Surpass Expectations Sales of new homes surpassed expectations and the prior month's reading. April's reading of 619,000 sales exceeded expectations of 523,000 new homes sold and 531,000 new homes sold in March. New home sales rose by 16.60 percent on a seasonally adjusted annual basis, which was the highest increase in 24 years. Analysts … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 23, 2016
Last week's economic news included the NAHB Housing Market Index, reports on housing starts, building reports and existing home sales. Minutes of the Federal Reserve's last FOMC meeting were also released. Homebuilder Confidence Unchanged, Housing Starts and Building Permits Increase The National Association of Home Builders (NAHB) reported that builder confidence held steady with a reading of 58 in May. Analysts projected a reading of 58 and April's reading was also 58. Builder confidence in … [Read more...]
NAHB: Home Builder Confidence Holds Steady in May
The National Association of Home Builders reported that home builder confidence in the U.S. housing market conditions held steady for the fourth consecutive month in May. Builder confidence stayed at a reading of 58, which was the number expected by analysts and was also the reading for April. Analysts said that the consistency in readings signified expansion in housing markets. Any reading over 50 indicates that more builders than not are confident about market conditions. Components of the … [Read more...]
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