Rates inched higher Monday as a rally in stocks hurt mortgage-backed securities.  In economic news, March Retail Sales rose 0.6%, above the consensus forecast for an increase of 0.4%.  The National Association of Home Builders housing index showed that home builder confidence declined slightly in April to 69 from 70.  The Empire State regional manufacturing index […]

Rates inched higher Friday reflecting a decline in mortgage-backed securities on Thursday.  In today’s economic news, Consumer Sentiment fell to 97.8, below the consensus forecast for a reading of 100.5.  Separately, the Job Openings and Labor Turnover Survey (JOLTS) reported 6.05 million job openings in February, a bit below expectations.  No other key data will be […]

Rates were little changed Tuesday despite a rally in stocks and the release of stronger than expected inflation data.  This morning, the March Producer Price Index (PPI) rose 0.3%, above the consensus forecast for an increase of 0.1%.  Core PPI, which excludes volatile food and energy components, also rose 0.3% and was 2.7% higher than […]

Rates held steady Wednesday as a sharp decline in stocks helped mortgage-backed securities recover from yesterday’s losses.  This morning, China announced new tariffs on 106 U.S. products in response to the recent tariffs imposed on Chinese products by the Trump Administration.  Fears of an escalating trade war sent stocks lower.  In other news, the Institute for Supply […]

Rates inched higher Monday despite the release of weaker than expected economic data.  The morning, the Institute for Supply Management manufacturing index fell to 59.3, below the consensus forecast of 60.0.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Separately, February Construction Spending rose 0.1%.  An increase of 0.5% had been […]

Mortgage rates inched lower Thursday as newly released economic data came in close to expectations.  This morning, the February Core PCE price index, the Fed’s preferred measure of inflation, rose 0.2%, matching forecast, and was a tame 1.6% higher than one year ago.  Weekly Jobless Claims fell to 215,000, a bit lower than expected, to […]

Mortgage rates were little changed Wednesday following the release of stronger than expected economic data.  This morning, fourth quarter GDP was revised higher, indicating annual growth of 2.9%, up from earlier estimates of 2.5%.  Separately, the National Association of Realtors reported February Pending Home Sales rose 3.1% from January, beating expectations for an increase of […]

Rates inched lower Thursday as a sharp decline in stocks boosted mortgage-backed securities.  In economic news, weekly Jobless Claims came in close to expectations.  Increased fears of a trade war with China hurt stocks this morning.  No other key data will be released today.

Mortgage rates moved higher ahead of today’s Fed policy statement.  The statement will be released at 2:00 PM followed by Fed Chair Jerome Powell’s post-meeting press conference at 2:30.  Investors widely expect a 0.25% increase in the Fed Funds Rate and will be looking for clues about the pace of future rate hikes.  This is Mr. Powell’s first […]

Rates inched higher Tuesday as the Fed began its two-day Federal Open Market Committee meeting.  It is widely expected that the Fed will raise short-term interest rates by 0.25%, but investors will be closely watching for clues about the timing of future increases.  The Fed will release a policy statement on Wednesday at 2:00 PM.  […]