Rates were little changed this morning as first quarter Productivity rose a better than expected 2.2%. The National Association of Realtors reported a 1% decline in pending home sales for March from February, but a 20.1% decline from the same period last year. Oil prices continued rising above $122 a barrel and the Dollar strengthened. […]

Mortgage rates were unchanged to slightly lower Tuesday as stock prices dropped in the wake of Fannie Mae’s reported first quarter loss of $2.2 Billion and record high oil prices. Fannie announced plans to cut dividends and raise $6 Billion in new capital; their stock plunged 6% on the news. Meanwhile, Fed Chairman Ben Bernanke […]

Mortgage rates were little changed Monday following the ISM Services Index report showing surprising growth for April in the services sector of the economy. Modest upward pressure on rates resulted from a weaker Dollar and a rise in crude oil prices as Nigerian rebels attacked oil wells and pipelines over the weekend. The remainder of […]

Mortgage rates inched higher Friday as employment numbers beat expectations. The Report showed a net loss of 20,000 jobs in April, far better than the forecast loss of 75,000. The unemployment rate dipped to 5.0%. Rates improved slightly for the week following the Fed’s 1/4% rate cut and their statement indicating concerns over rising inflation. […]

Interest rates moved lower Thursday as investors continued analyzing yesterday’s statement by the Fed. Most economists interpret the remarks to indicate a recognition of increasing inflationary pressures and a renewed emphasis on price stability. In other news, weekly jobless claims jumped to 380,000, well above forecast, and oil prices continued falling. Focus now turns to […]

Mortgage rates were unchanged Wednesday morning following the release of preliminary Gross Domestic Product figures and ahead of this afternoon’s policy decision by the Fed. First quarter GDP showed economic growth of 0.6%, matching fourth quarter figures for 2007, and largely in line with expectations. While basically flat, the economy may not technically be in […]

Mortgage rates drifted lower ahead of tomorrow’s interest rate policy decision by the Federal Reserve. Most economists predict a 1/4% cut in the Fed Funds Rate to 2%. The accompanying statement issued by the Fed concerning future rate bias is likely to have a greater impact on mortgage rates than the much-anticipated move itself. The […]

Mortgage rates were mostly unchanged Monday in advance of Wednesday’s Fed meeting and Friday’s release of the April Employment Report. Other major economic news for the week include the initial report on first quarter Gross Domestic Product (GDP) to be released Wednesday and the Fed’s preferred inflation indicator, the Core PCE price index, scheduled for […]

Mortgage rates inched higher Friday as investors await next week’s meeting of the Federal Open Market Committee. Economists are forecasting an 80% chance of 1/4% reduction in the Fed Funds Rate and a 20% chance of no change. Ironically, the majority of consumers might be better off if the Fed holds rates steady, turning their […]

Mortgage rates moved moderately higher Thursday as Weekly Jobless Claims came in lower than expected at 342,000. Separately, Durable Goods Orders for March posted their third consecutive monthly decline, increasing the likelihood of recession. New home sales fell to their lowest level since October 1991. Oil prices were lower and the Dollar gained strength on […]