Category: Market Update

Mortgage Market Update 1/3/18

Rates held steady Wednesday as newly released economic data came in close to forecast. This morning, November Construction Spending increased 0.8%, slightly above expectations. The Institute for Supply Management manufacturing index rose to 59.7. A reading of 58.0 had been expected. Readings above 50.0 indicate expansion in the manufacturing sector of the economy. Detailed minutes […]

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Mortgage Market Update 12/28/17

Rates were little changed Thursday in quiet trading. This morning, the Chicago Purchasing Managers Index jumped to 67.6, well above the consensus forecast of 62.5, to the highest level since March 2011. Readings above 50.0 indicate expansion in manufacturing in the Midwest region. Weekly Jobless Claims were unchanged at 245,000, slightly above expectations. Results from […]

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Mortgage Market Update 12/22/17

Mortgage rates held steady Friday in quiet trading. This morning, the November core PCE price index, one of the Fed’s preferred measures of inflation, rose 0.1%, matching forecast, and was a tame 1.4% higher year-over-year. November Durable Goods Orders rose 1.3%, short of expectations, however October figures were revised higher. New Home Sales jumped 17.5% […]

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Mortgage Market Update 12/20/17

Mortgage rates inched higher Wednesday as the GOP tax plan cleared the Senate and appeared likely to pass the House. The tax cut bill is viewed by investors as likely to fuel economic growth and increase the federal deficit, pushing interest rates higher over time. In economic news, the National Association of Realtors reported November […]

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Mortgage Market Update 12/13/17

Mortgage rates were little changed Wednesday ahead of today’s Federal Reserve announcement.  The Fed will wrap up its two-day Federal Open Market Committee meeting to discuss monetary policy and release a statement at 2:00 PM, followed by Fed Chairwoman Janet Yellen’s press conference at 2:30.  It is widely expected that the Fed will raise short-term interest rates by 0.25%.  Investors […]

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Mortgage Market Update 12/11/17

Mortgage rates held steady ahead of this week’s Fed meeting.  The Federal Open Market Committee of the Fed will meet on Wednesday to discuss monetary policy and release a policy statement at 2:00 PM.  It is widely expected that the Fed will raise short-term rates by 0.25%.  Investors will be watching closely for clues about […]

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Mortgage Market Update 12/8/17

Mortgage rates were little changed Friday following the release of key employment data for November.  The economy added 228,000 jobs last month, beating the consensus forecast of 190,000.  The unemployment rate was unchanged at 4.1%.  Average hourly earnings rose 0.2%, a bit below expectations.  The upside surprise in job gains was offset by the miss […]

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Mortgage Market Update 12/6/17

Rates inched lower Wednesday as global bond markets rallied.  In the U.S., payrolls firm ADP estimated private sector job growth of 190,000 in November, slightly above forecast.  Third quarter Productivity was unchanged at 3.0%.  An increase to 3.2% had been expected.  Stocks were mixed.  No other key data will be released today.

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Mortgage Market Update 12/4/17

Rates faced upward pressure Monday as a rally in stocks hurt bonds and mortgage-backed securities.  Late Friday, the Senate passed its version of the GOP tax bill, resulting in a surge in stock prices.  The Dow is currently up nearly 300 points.  In economic news, October Factory Orders fell 0.1%, a bit less than expected.  […]

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