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Mortgage Market Update 6/14/18

Mortgage rates were little changed Thursday following yesterday’s rate hike by the Fed.  The Federal Reserve raised short-term rates by 0.25% on Wednesday, as expected, and signaled the likelihood of two more similar increases later this year.  The mortgage-backed securities market initially sold off, but quickly recovered, with rates ending the day close to where they started.  […]

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Mortgage Market Update 6/12/18

Rates were little changed Tuesday as the Fed began its two-day meeting to discuss monetary policy.  Investors are expecting a 0.25% increase in the Fed Funds rate, but will be watching for clues about the timing and extent of future rate increases.  This morning, President Trump announced progress in his meeting with the leader of North […]

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Mortgage Market Update 6/11/18

Mortgage rates were little changed Monday ahead of key policy meetings by U.S. and European central banks later this week.  The Fed will begin a two-day Federal Open Market Committee meeting tomorrow and release a policy statement on Wednesday afternoon.  The European Central Bank will issue a policy statement on Thursday.  Key geopolitical events include tomorrow’s summit between President Trump […]

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Mortgage Market Update 6/5/18

Rates inched lower Tuesday as mortgage-backed securities recovered most of yesterday’s losses.  In economic news, the Institute for Supply Management services index rose to 58.6, above the consensus forecast of 58.0.  Readings above 50.0 indicate growth in the services sector of the economy.  The Job Openings and Labor Turnover Survey, or JOLTS, reported that job […]

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Mortgage Market Update 6/1/18

Mortgage rates moved higher Friday following the release of stronger than expected employment data.  This morning, the Bureau of Labor Statistics reported that the economy added 223,000 jobs in May, above the consensus forecast for an increase of 190,000.  The Unemployment Rate fell to 3.8%, the lowest level in 18 years.  Average Hourly Earnings rose […]

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Mortgage Market Update 5/31/18

Rates held steady Thursday as an abundance of newly released economic data came in close to expectations.  This morning, weekly Jobless Claims fell to 221,000, a bit lower than expected.  Personal Income rose 0.3%, matching forecast.  The Core PCE price index, the Fed’s preferred measure of inflation, rose 0.2%, and was 1.8% higher than one […]

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Mortgage Market Update 5/29/18

Rates inched lower as a decline in stocks boosted mortgage-backed securities.  Investors remain concerned about the new governing coalition in Italy and the desire by some populists to exit the Eurozone.  In the U.S., Consumer Confidence rose to 128.0, in line with expectations.  No other key data will be released today.

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Mortgage Market Update 5/25/18

Mortgage rates held steady Friday, having improved by about 0.125% for the week.  Political events in Italy and renewed tensions with North Korea drove rates lower, after reaching seven-year highs last week.  In today’s economic news, April Durable Goods Orders fell 1.7%, below expectations for a decrease of 1.5%.  Consumer Sentiment declined to 98.0, a […]

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Mortgage Market Update 5/24/18

Rates eased slightly Thursday morning following the release of weaker than expected economic data and news that President Trump canceled the scheduled summit with North Korea.  In economic news, weekly Jobless Claims rose to 234,000, above the consensus forecast of 220,000.  The National Association of Realtors reported April Existing Home Sales fell 2.5% to an […]

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Mortgage Market Update 5/23/18

Mortgage rates inched lower Wednesday on concerns that the new coalition government in Italy might consider leaving the Eurozone.  In the U.S., April New Home Sales fell 2% to an annual rate of 662,000, below the consensus forecast of 675,000.  Detailed minutes from the May 2 Fed meeting will be released at 2:00 PM.

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