Mortgage & Economic Market Update – 1.29.2018

RATE MOVEMENT (from prior week)  ***NO CHANGE*** With a wide range of news last week, mortgage rates experienced a great deal of volatility.  Most of the reports/news ended up being “offsetting” and rates remained the same (highest levels since May 2017). IMPORTANT ECONOMIC FACTORS: HOME SALES  –  While sales of previously owned homes in December did not keep up with …

Mortgage & Economic Market Update – 1.22.18

RATE MOVEMENT (from prior week) *** UP *** Unfortunately the upward pressure on mortgage rates continued last week.  The weekly average for a 30yr. fixed mortgage is the highest since May of 2017! IMPORTANT ECONOMIC FACTORS: Housing Starts –  Thursday’s report on housing starts was certainly disappointing, but a look below the surface indicates that it was not as bad …

Weekly Economic Update – 12.18.17

Central bank meetings were the main focus last week.  Investors viewed the U.S. Fed meeting as positive for mortgage rates, while the European Central Bank meeting provided no surprises and had little impact.  However, stronger than expected retail sales data offset the reaction to the Fed, and mortgage rates ended the week with little change. Heading into Wednesday’s Fed meeting, the 0.2500% rate …

Weekly Economic Update – 12.11.17

There were few market moving events last week. The Employment report came in on target, and Congress passed the expected bill providing a two-week extension to government funding.  Mortgage rates ended the week a little lower. In November, the economy added 228,000 jobs, above the consensus forecast of 190,000.  The economy has bounced back from the effects of the hurricanes, …

Weekly Economic Update – 12.04.17

BIG NEWS YOU LIKELY HEARD:  the regulator for Fannie Mae and Freddie Mac, announced new conforming loan limits for 2018. The baseline limit, which affects most markets, will increase by 6.8% to $453,100.  This is up $29,000 from the current loan limit! Political headlines were the main influence on mortgage rates last week and caused a great deal of volatility. …

Weekly Economic Update – 11.21.17

For the second straight week, there was little reaction to economic news.  Neither key data on retail sales and inflation, nor the passage of the House tax reform bill had much effect.  Mortgage rates finished the week a little lower. It was clear from Friday’s report on housing starts that home building activity over the last couple of months was significantly impacted …

Weekly Economic Update – 11.13.17

As expected, market moving news was scarce last week, and markets were relatively boring.  The primary source of volatility was Thursday’s release of additional details about the Senate tax plan, but this had just a minor net effect.  Mortgage rates finished the week essentially the same. On Thursday, the Senate released more information about its plans for tax overhaul.  Of note, the …

Weekly Economic Update – 11.06.17

With a Fed meeting, the selection of the next Fed Chair, details about tax reform, and an Employment report, last week had the potential to be extremely volatile.  Other than disappointing wage growth, there were no significant surprises in any of these areas.  Mortgage rates finished the week about the same. As expected, U.S. jobs bounced back in October from …

Weekly Economic Update – 10.31.17

The most highly anticipated event of the week, the European Central Bank meeting, contained no surprises and caused little reaction. Reports about President Trump’s favored pick for the next U.S. Fed Chair caused some volatility during the week but had only a small net effect.  The key GDP report also was not much of a market mover.  In the end, …

Weekly Economic Update – 10.16.17

The two big economic reports last week were released on Friday.  Investors placed more weight on tame inflation data than on strong retail sales figures, causing mortgage rates to slightly improve.  Wednesday’s minutes from the September 20th Fed meeting contained little new information and the reaction was small.  As a result, mortgage rates ended the week a little lower. In September, the Consumer …