Category: Market Update

Mortgage Market Update 12/6/19

Mortgage rates faced upward pressure Friday following the release of stronger than expected employment data. This morning, the Labor Department reported an increase of 266,000 jobs in November, well above the consensus forecast of 185,000. In addition, previous monthly totals were revised higher by 41,000 jobs. The unemployment rate fell to 3.5%, matching a 50-year […]

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Mortgage Market Update 10/31/19

Mortgage rates inched lower ahead of this afternoon’s Fed announcement. The Federal Open Market Committee will wrap up its two-day meeting to discuss monetary policy at 2:00 PM and issue a policy statement. It is widely expected the Fed will lower short term rates by 0.25%, but investors will be largely focused on the accompanying […]

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Mortgage Market Update 9/19/19

Rates were little changed Thursday following yesterday’s Fed rate cut.  The Federal Reserve announced a 0.25% reduction in the Fed Funds Rate on Wednesday.  The move was widely anticipated by investors.  In other economic news, the National Association of Realtors reported existing home sales rose 1% in August to the highest level since March 2018, easily beating expectations.  […]

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Mortgage Market Update 9/6/19

Rates inched lower Friday following the release of key employment data for August.  The economy added 130,000 jobs last month, below the consensus forecast of 150,000.  In addition, downward revisions subtracted 20,000 jobs from prior months.  The unemployment rate remained at 3.7%, as expected.  Average hourly earnings, an indicator of wage growth, rose 0.4%, beating […]

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Mortgage Market Update 8/21/19

Rates held steady Wednesday as newly released housing data came in close to expectations.  This morning, the National Association of Realtors announced July existing home sales rose 2.5% to an annual rate of 5.42 million units, slightly above forecast.  The inventory of existing homes available for sale was at a 4.2 month supply, 2% lower […]

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Mortgage Market Update 7/30/19

Mortgage rates held steady Tuesday as the Fed began a two day FOMC meeting to discuss monetary policy.  It is widely expected that the Fed will lower short term rates by 0.25% when it issues its policy statement tomorrow at 2:00 PM.  In economic news, Pending Home Sales jumped 2.8% in June, well above the consensus forecast […]

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Mortgage Market Update 6/21/19

Mortgage rates inched higher Friday after falling to 20 month lows following Wednesday’s Fed meeting.  In economic news, May existing home sales rose 2.5% to an annual rate of 5.34 million units, above the consensus forecast of 5.30 million.  The median existing home price was 5% higher than one year ago.  No other key data […]

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Mortgage Market Update 6/18/19

Mortgage rates moved lower Tuesday in volatile trading as the Federal Open Market Committee of the Federal Reserve began its two-day meeting to discuss monetary policy.  A policy statement will be released tomorrow at 2:00 PM.  In other news, the European Central Bank (ECB) unexpectedly indicated that it may introduce additional economic stimulus measures as early as […]

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Mortgage Market Update 5/15/19

Mortgage rates inched lower Wednesday following the release of weaker than expected retail sales data.  April Retail Sales fell 0.2%, below the consensus forecast for an increase of 0.2%.  Excluding the volatile auto component, Retail Sales rose 0.1%, well short of expectations for an increase of 0.7%.  Separately, the NAHB home builders sentiment index rose […]

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Mortgage Market Update 5/3/19

Mortgage rates moved lower Friday following the release of key employment data for April.  The economy added 263,000 jobs last month, well above the consensus forecast of 190,000.  The unemployment rate fell to 3.6%, the lowest level since 1969.  Average hourly earnings rose 0.2% and were 3.2% higher than one year ago.  Stocks moved higher.  […]

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