Last week's economic news included reports on job openings, retail sales and recurring reports on mortgage rates and new jobless claims. Job openings and hiring increased, which provided further evidence of stronger economic conditions. Retail sales were flat in July, new unemployment claims dropped and mortgage rates changed little. Labor Reports Suggest Stronger Economic Trends The Labor Department reported more job openings in June with 5.60 openings as compared to 5.50 million job openings … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 8, 2016
Last week's economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac's mortgage rates survey and new jobless claims were also released. Construction Spending Dips in June According to the Commerce Department, construction spending fell in June to -0.60 percent as compared to expectations of an increase of 0.50 percent and May's reading of -0.10 percent. Spending was even across public and private construction spending. The Commerce … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 1, 2016
Last week's economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac's weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September. According to the S&P … [Read more...]
Case-Shiller: Home Price Growth Slows in May
According to the S&P Case-Shiller 20-City Home Price Index, home price growth in May dropped to a seasonally adjusted annual rate of 5.20 percent as compared to April's reading of 5.40 percent. Analysts said that low mortgage rates continue to support housing markets, but also noted that affordability due to rising home prices is sidelining some would-be buyers. High demand for homes coupled with slim supplies of available homes have driven prices up for months; analysts said that "tentative … [Read more...]
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