Last week's economic reports included readings on construction spending and labor reports on public and private-sector job growth. The national unemployment rate was released along with weekly reports on mortgage rates and weekly jobless claims. Construction Spending dips in September, but Residential Construction Spending Rises Construction spending rose 0.10 percent in September, but residential construction spending fell 0.70 percent month-to-month. Construction spending was 4.10 percent … [Read more...]
What’s Ahead For Mortgage Rates This Week – October 1st, 2018
Last week's economic readings included reports on home prices, new and pending home sales and remarks released by the Federal Open Market Committee of the Federal Reserve. Weekly readings on average mortgage rates and first-time jobless claims were also released. Case-Shiller HPI: Home Price Growth Slows in July Home prices grew slower in July according to data released last week. Home prices rose at a seasonally-adjusted annual rate of 6.0 percent in July as compared to June's rate of 6.2 … [Read more...]
Fed Raises Key Interest Rate For 3rd Consecutive Time
The Federal Open Market Committee of the Federal Reserve announced that it raised the target federal funds rate to a range of 2.00 percent to 2.25 percent. This was the third consecutive increase in the Fed's key interest rate and was the eighth time the Fed raised its key interest rate since 2015. In its customary post-meeting statement, Committee members cited strong economic conditions and continued labor market growth coupled with historically low unemployment rates as a basis for raising … [Read more...]
What’s Ahead For Mortgage Rates This Week – September 24th, 2018
Last week's economic releases included readings on the NAHB Housing Market Index, sales of pre-owned homes, and housing starts. Weekly readings on mortgage rates and first-time jobless claims were also released. NAHB: Home Builder Confidence in Market Conditions Holds Steady The National Association of Home Builders reported an index reading of 67 for September, which matched August's reading. Growing concerns over impacts of tariffs on building material costs have slowed builders' confidence in … [Read more...]
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