Mortgage rates inched higher Monday ahead of Tuesday’s Federal Open Market Committee (FOMC) meeting of the Federal Reserve. Few economists expect any change in short term interest rates as a result of the FOMC meeting, but investors will be closely watching the accompanying Fed statement for clues as to the future direction of rates. Reports […]

Mortgage rates were unchanged following the Employment Report showing the US economy lost 51,000 jobs in July, a little less than expected. The Unemployment Rate rose to 5.7%, the highest level since March 2004. The Federal Reserve is now almost certain to hold short term interest rates at their present level at the FOMC meeting […]

Interest rates moved lower Thursday on weaker than expected economic reports. Second quarter Gross Domestic Product (GDP) grew 1.9%, below forecast of 2.3%, and Weekly Jobless Claims spiked to 448,000, well above expectations of 395,000. Stocks and oil prices moved lower on the news. Much of the growth in GDP was attributed to the economic […]

Rates were little changed Wednesday. President Bush signed the housing rescue bill into law this morning, easing some investors’ concerns over the stability of the mortgage market. Stocks and the dollar were higher. No major economic reports are scheduled for release today.

Mortgage rates inched up Tuesday as an unexpected increase in Consumer Confidence and a drop in crude oil prices pushed stocks higher. Concerns grew over the newly released estimates for the 2009 Federal budget deficit, adding further pressure to interest rates. The market remains volatile, with wide daily swings in mortgage-backed securities prices. Several key […]

Mortgage rates improved Monday following the Senate’s passage of the omnibus housing rescue package over the weekend. The bill has now moved on to President Bush for his signature. Investors’ confidence in the stability of Fannie Mae and Freddie Mac had waned in recent weeks prior to the government’s decision to stand behind the housing […]

Mortgage rates inched higher Friday as June Durable Goods Orders rose 0.8%, well above forecast. Adding further pressure to rates was a stronger than expected report on New Home Sales for June. The big news for the week was the likely passage of a comprehensive Housing Bill aimed at shoring up Fannie Mae and Freddie […]

Rates improved Thursday following a spike in Weekly Jobless Claims and a larger than expected drop in Existing Home Sales. Home resales fell 2.6% in June. Nationally, median home prices dropped 6.1% compared with a year earlier. Yesterday the House passed a $300 billion housing rescue bill, as expected. The measure is likely to be […]

Rates were unchanged Wednesday with no major economic reports being released. President Bush dropped his threat to veto the sweeping housing bill being considered in Congress. The 700 page measure, offering up to $300 billion in assistance to troubled homeowners, will now likely be approved within days. The bill provides support to housing giants Fannie […]

Mortgage rates remained near 11 month highs as Federal Reserve Bank of Philadelphia President Charles Plosser said the central bank should increase rates “sooner rather than later” to head off inflation. Separately, Treasury Secretary Paulson suggested that Fannie Mae and Freddie Mac might need a support package from the government. The Congressional Budget Office estimated […]