02
Jun
By Lori Blank
Mortgage Rates

What’s Ahead For Mortgage Rates This Week – June 2, 2014

Last week's economic news was fairly quiet due to the Memorial Day holiday on Monday and no scheduled news released on Wednesday. Home Prices Post Modest Gains, But Growth Rate of Home Prices Slows Tuesday's release of the S&P Case-Shiller Home Price Index for March showed that home prices are edging up, but at a slower pace than last year. Home prices increased by 12.40 percent year-over-year as compared to February's reading of 12.90 percent year-over-year. Analysts expected prices to fall as construction picks up and more homes are listed for sale. Lower demand due to strict mortgage lending standards…
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27
May
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – May 27, 2014

Last week's economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April's FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released. Federal Reserve Speeches Suggest Concerns Over Monetary Policy Dependence, Low Inflation Here are highlights of comments made by each of the Fed presidents' speeches. Richard Fisher, president of the Dallas Fed, and John Williams, President of the San Francisco Fed, spoke at a conference held at the Bush Institute. Mr. Fisher said that 98 percent of jobs lost during the…
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19
May
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – May 19, 2014

Last week's economic news was relatively flat, but highlights include the NAHB Housing Market Index for May, which posted its lowest reading since May 2013. Although analysts expected a May reading of 48, the May 2014 index reading was 45 as compared to April's reading of 46. The NAHB reported that rising home prices and unpredictable job markets were factors in builders' loss of confidence. Although the economy is growing stronger, many would-be homebuyers remain skeptical of economic conditions and remain on the sidelines. NAHB: Stronger Builder Confidence Expected in Coming Months Builder confidence in market conditions for single family…
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12
May
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – May 12, 2014

Results from a Federal Reserve survey of senior bank loan officers indicated that lenders have held the line on prime lending standards and have raised standards for sub-prime and non-traditional home loans. Survey respondents represented 74 U.S. banks and 23 foreign banks. Survey respondents also said that demand for mortgage loans was lower; this could be an unintentional result of tight credit standards for mortgage loans. Analysts said that tight credit requirements and less demand for home loans could mean more trouble for the housing industry. Home Prices Rise In March, But At Slower Rate The annual rate of increase…
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05
May
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – May 5, 2014

Last week's economic news included several reports related to housing and mortgages. The NAR started the week on a positive note with its Pending Home Sales Index released Monday. Pending home sales in March were higher with an unexpected increase of 3.40 percent over February for an index reading of 97.40. This is encouraging news for home sales that were severely affected by a hard winter in many areas, and suggests that as warmer weather approaches, home sales will pick up. Analysts do not expect the rapid rate of price appreciation seen in 2013. The Fed's tapering of its "quantitative…
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28
Apr
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – April 28, 2014

Last week's economic news supported recent reports that home sales were fewer and home prices increased, but did so at a slower pace. The NAR reported a slower pace of existing home sales, and FHFA reported a slower year-over-year rate of growth for home prices on properties financed by Fannie Mae and Freddie Mac. The U.S. Commerce Department reported that new home sales fell to their lowest level since July 2013. Mortgage rates rose for fixed rate mortgages, but were unchanged for 5/1 adjustable rate mortgages. Here are the details: Existing Home Sales Slow, Moderate Growth In Home Prices March…
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07
Apr
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – April 7, 2014

Last week's economic news included readings on February construction spending and multiple reports on employment data. Private sector employment was higher in March, but The Bureau of Labor Statistics reported that Non-Farm Payrolls for March fell short of expectations. According to Freddie Mac, mortgage rates ticked upward. Employment And Unemployment News ADP's payrolls report for March was higher than February's reading, with 191,000 new private sector jobs added. In February, 178,000 jobs were added. February's reading originally showed 138, 000 new jobs added. While analysts were confident that private-sector employment was showing signs of stability, the U.S. Bureau of Labor…
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31
Mar
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – March 31, 2014

Last week's economic news includes several reports about housing markets. The S&P Case-Shiller 10 and 20 city housing market indices, the FHFA House Price Index, New Home Sales and Pending Home sales reports suggest that the national housing market continues to grow, but at lower rates. Regional readings varied and suggested that winter weather was a negative influence on affected markets. In a press conference held on March 19 Federal Reserve Chair Janet Yellen said that severe winter weather had interfered with the Fed's ability to get a clear reading on economic developments. The Case-Shiller 10 and 20-City Home Price…
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17
Mar
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – March 17, 2014

Last week's economic reports provided rays of light as compared to the recent slump in positive economic news. Unusually severe winter weather conditions affected housing-related indicators as home builders and home buyers stayed on the sidelines. With spring on the horizon, last week's economic news showed welcome signs of growth. Job Openings Up, New Jobless Claims Fall Employment is a major factor in the decision to buy a home; would-be home buyers received a vote of confidence last week as January's job openings increased by one million to 40 million as compared to December's reading of 39 million job openings.…
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10
Mar
By Lori Blank
Uncategorized

What’s Ahead For Mortgage Rates This Week – March 10, 2014

Last week's economic news included construction spending and the CoreLogic Home Price Index for January.  Reports for February included ADP Employment, Non-Farm Payrolls and national unemployment data. The Federal Reserve's Beige Book report and weekly reports on mortgage rates and new unemployment claims rounded out the week's economic news. Highlights for last week include: Consumer spending gained 0.40 percent for January. The expected reading was 0.20 percent and the reading for December was flat. The Commerce Department reported that increased spending was less an indicator of consumer discretionary spending than an indicator of high utility costs caused by severe winter…
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