Weekly Economic Update – 2.27.17

Last week was another volatile ride for mortgage markets.  Uncertainty about the outcome of the elections in Europe had a positive influence on U.S. mortgage rates and domestic economic data had little effect.  As a result, mortgage rates ended the week just slightly lower. One source of volatility is uncertainty about the outcome of upcoming elections in several European countries. …

Weekly Economic Update – 2.20.17

Based on the economic news over the past week, it would not have been surprising to see a large increase in mortgage rates.  With stronger than expected economic data nearly across the board, “hawkish” comments from the Fed, and a stock market rally, the first half of the week indeed was rough on rates.  However, once the dust settled, mortgage …

Weekly Economic Update – 2.13.17

Last Friday’s Employment report left investors feeling good about buying bonds, and mortgage rates improved over the first half of the week.  However, an announcement from President Trump on Thursday was negative for bonds, and a partial reversal took place.  After a couple of weeks with relatively little net change, mortgage rates ended the week a slightly lower. The much …

Weekly Economic Update – 2.6.17

Over the past week, two major economic reports contained mixed news and had offsetting effects on mortgage rates.  Investors viewed Wednesday’s Fed meeting as favorable for bonds and mortgage rates ended the week slightly lower. The January ISM national manufacturing index was released on Wednesday.  The index rose to 56, which was the highest level since November 2014.  Readings above …

Weekly Economic Updates – 1.30.17

Last week was volatile for mortgage rates.  Influences included central bankers, comments from the Trump administration, and economic data.  The net effect of these factors was very small, and mortgage rates ended the week with little change. On Tuesday, a top official from the European Central Bank (ECB) signaled that the ECB should soon begin to wind down its monthly …

Weekly Economic Update – 1.23.17

Comments from Fed officials and stronger than expected economic data were negative for mortgage rates last week.  Renewed concerns about the United Kingdom’s exit from the European Union offset a little of the increase, but mortgage rates ended the week higher. Well, “Brexit” is back in the news.  On Tuesday, British Prime Minister Theresa May spoke about the UK’s objectives …

Weekly Economic Update – 1.17.17

Mortgage rates showed some small improvement through the beginning of last week, BUT Friday’s inflation data caused a reversal, and mortgage rates ended the week slightly higher than the prior week. Early in the week, investors shifted some assets from stocks to bonds, including mortgage-backed securities (MBS).  Comments from President-elect Trump were one reason that investors sold certain stocks.  In …

Weekly Economic Update – 1.9.17

Happy New Year.  I hope you had a great holiday season with family and friends.  Now that we are back to the “standard” work week, here is 2017’s first economic update. Mortgage rates started the year in the same range as the end of 2016.  Last week, rates started to show some nice improvement following Wednesday’s release of the Fed …

Weekly Economic Update – 12.19.16

As you may have heard, Wednesday’s Fed meeting turned out to be negative for mortgage rates, and rates ended the week higher. As widely expected, the Fed raised the federal funds rate by 25 basis points.  Unfortunately for mortgage rates, Fed officials also raised their outlook for the pace of future rate hikes.  They now forecast three rate hikes in …

May Market Update – Cromford Report

Below is the information from the May Market Update from The Cromford Report. Click here for more details on the Buyer Market Click here for more details on the Seller Market   For Buyers May is often the last month of “buyer season” before the summer slowdown. In anticipation of hotter temperatures, graduations and upcoming summer vacations, many home buyers …