Last week’s economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac’s mortgage rates survey and new jobless claims were also released.
What’s Ahead For Mortgage Rates This Week – August 1, 2016
Last week’s economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac’s weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September.
Case-Shiller: Home Price Growth Slows in May
According to the S&P Case-Shiller 20-City Home Price Index, home price growth in May dropped to a seasonally adjusted annual rate of 5.20 percent as compared to April’s reading of 5.40 percent. Analysts said that low mortgage rates continue to support housing markets, but also noted that affordability due to rising home prices is sidelining some would-be buyers. High demand for homes coupled with slim supplies of available homes have driven prices up for months; analysts said that “tentative signs” of slower gains in home prices were seen.
What’s Ahead For Mortgage Rates This Week – July 25, 2016
Last week’s economic news included readings on builder confidence in housing market conditions, housing starts, building permits issued and existing home sales. Weekly reports on mortgage rates and new jobless claims were also released. The National Association of Home Builders reported that home builder confidence fell one point in July to 59 as compared to an expected reading and June reading of 60. Builders again cited shortages of buildable lots and labor.
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