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Mortgage Market Update 11/15/18

Mortgage rates inched lower Thursday on concerns about the slowing pace of global economic growth and uncertainty about the British exit from the European Union.  In the U.S., October Retail Sales jumped 0.8%, above the consensus forecast for an increase of 0.5%.  Weekly Jobless Claims came in close to expectations.  The Philly Fed regional manufacturing index […]

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Mortgage Market Update 11/8/18

Rates held steady Thursday ahead of this afternoon’s Fed announcement.  The Federal Open Market Committee will release a policy statement at 2:00 PM.  No rate changes are expected, but investors will be watching for clues about the pace and timing of future increases.  In economic news, weekly jobless claims fell to 214,000, in line with […]

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Mortgage Market Update 11/7/18

Rates inched lower following yesterday’s election results.  Democrats gained control of the House, as widely expected.  Increased gridlock will likely derail efforts to pass additional tax cuts, resulting in smaller budget deficits and less borrowing by the federal government.  Stocks rallied.  Results from today’s 30-year Treasury auction will be released at 1:00 PM.

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Mortgage Market Update 11/6/18

Mortgage rates were little changed Tuesday after moving higher last week on strong employment data.  This morning, the Job Openings and Labor Turnover Survey, or JOLTS, reported 7.01 million job openings, down from last month’s record high 7.29 million.  The Fed began its periodic two-day Federal Open Market Committee meeting this morning to discuss monetary […]

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Mortgage Market Update 11/2/18

Rates inched higher Friday following the release of stronger than expected employment data.  The economy added 250,000 jobs in October, well above the consensus forecast for an increase of 190,000.  The unemployment rate remained at 3.7%, the lowest level since 1969.  Average hourly earnings rose 0.2%, matching expectations, and were 3.1% higher year-over-year, the largest […]

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Mortgage Market Update 10/31/18

Rates inched higher Wednesday as a rally in stocks hurt mortgage-backed securities.  In economic news, payrolls firm ADP estimated October private sector job growth of 227,000, well above the consensus forecast of 180,000.  The Chicago Purchasing Managers Index fell to 58.4, a bit below expectations.  Readings above 50.0 indicate expansion in the manufacturing sector in […]

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Mortgage Market Update 10/25/18

Mortgage rates were little changed Thursday.  In economic news, September Pending Home Sales rose 0.5%, above the consensus forecast for a flat reading.  Weekly Jobless Claims increased to 215,000, in line with expectations.  The European Central Bank (ECB) made no change in interest rates or monetary policy.  Results from today’s 7-year Treasury auction will be […]

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Mortgage Market Update 10/19/18

Mortgage rates inched lower Friday in volatile trading as stocks moved higher.  This morning, the National Association of Realtors reported September Existing Home Sales fell 3.4% to an annual rate of 5.15 million units, well below expectations.  Sales were 4% lower than the same period last year.  The national median home price rose 4.2% to […]

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Mortgage Market Update 10/17/18

Rates held steady Wednesday as September Housing Starts fell 5% to an annual rate of 1.20 million units, below the consensus forecast of 1.22 million.  Stocks moved lower.  Detailed minutes from the September 26 Fed meeting will be released at 2:00 PM.

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Mortgage Market Update 10/11/18

Rates inched lower Thursday following yesterday’s sharp sell-off of stocks and this morning’s release of weaker than expected inflation data.  The September Consumer Price Index (CPI) rose 0.1%, below the consensus forecast of 0.2%.  Core CPI, which excludes volatile food and energy components, also rose 0.1% and was 2.2% higher year-over-year.  Weekly Jobless Claims increased […]

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