Rates were little changed Thursday following yesterday’s Fed announcement.  The Federal Reserve raised short-term rates by 0.25% Wednesday, as  expected.  In today’s economic news, the National Association of Realtors reported August Pending Home Sales fell 1.8%, below the consensus forecast for a decline of 0.5%, to the slowest pace since January.  Sales were 2.3% lower […]

Rates inched higher Tuesday ahead of tomorrow’s Fed announcement.  The Federal Open Market Committee began a two-day meeting this morning to discuss monetary policy and will release a policy statement tomorrow at 2:00 PM, followed by a press conference by Fed Chair Jerome Powell at 2:30.  It is widely expected that the Fed will raise […]

Rates were little changed Thursday as stocks moved higher.  This morning, weekly Jobless Claims fell to 201,000, below the consensus forecast of 210,000, to the lowest level since 1969.  Following four straight months of declines, the National Association of Realtors reported August Existing Home Sales were flat at an annual rate of 5.34 million units, […]

Rates inched higher Wednesday as a rally in stocks hurt mortgage-backed securities.  In economic news, August Housing Starts rose 9% to an annual rate of 1,282,000, above the consensus forecast of 1,240,000.  However, Building Permits fell short of expectations with a decline of 6% to the lowest level in more than a year.  No other […]

Mortgage rates inched lower Thursday as newly released inflation data came in below expectations.  This morning, the August Consumer Price Index (CPI) increased 0.2% and was 2.7% higher than one year ago.  Core CPI, which excludes volatile food and energy components, rose 0.1% and was 2.2% higher year-over-year, down from an annual rate of 2.4% […]

Rates were little changed Wednesday as mortgage-backed securities recovered from yesterday’s late losses.  This morning, the August Producer Price Index (PPI) declined by 0.1%, well below an expected increase of 0.2%.  Core PPI, which excludes volatile food and energy components, also fell 0.1%, and was 2.3% higher than one year ago.  Results from today’s 10-year […]

Rates were little changed Thursday ahead of tomorrow’s key employment data.  This morning, The Institute for Supply Management services index rose to 58.5, above the consensus forecast of 57.0.  Readings above 50.0 indicate expansion in the services sector of the economy.  Payrolls firm ADP estimated August private sector job growth of 163,000, a bit short […]

Rates inched higher Tuesday following the release of stronger than expected economic data.  This morning, the Institute for Supply Management manufacturing index jumped to 61.3, well above the consensus forecast of 57.5, to the highest level since May 2004.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Separately, July Construction Spending […]

Rates were little changed Wednesday following an upward revision to GDP.  The economy grew at an annual rate of 4.2% in the second quarter, beating expectations.  Separately, the National Association of Realtors reported July Pending Home Sales fell 0.7%, below the consensus forecast for a flat reading, and were 2.3% lower than one year ago.  July […]

Rates were little changed in quiet trading Wednesday.  In economic news, the National Association of Realtors reported July Existing Home Sales fell 0.7% to an annual rate of 5.34 million units, below the consensus forecast for an increase to 5.40 million.  This was the fourth straight month of declines.  Sales were 1.5% lower than one […]