What’s Ahead For Mortgage Rates This Week – January 11, 2016
The first week of 2016 was quiet concerning housing and mortgage related news, but reports on construction spending and several labor-related reports were released.
The first week of 2016 was quiet concerning housing and mortgage related news, but reports on construction spending and several labor-related reports were released.
Last week's scheduled economic reports included the NAHB Housing Market Index, Housing Starts, FOMC statement and Fed Chair Janet Yellen's press conference. In addition to weekly reports on jobless claims and mortgage rates, inflation reports were also released.
Multiple economic reports released last week indicate further improvement in economic conditions. Pending home sales, construction spending and ADP payrolls increased while Non-farm Payrolls fell and the national unemployment rate held steady.
Multiple economic reports released last week indicate further improvement in economic conditions. Pending home sales, construction spending and ADP payrolls increased while Non-farm Payrolls fell and the national unemployment rate held steady.
Although last weekâs economic calendar was cut short by the Thanksgiving holiday, several housing-related reports were released. The FHFA reported on third quarter results for its Housing Market Index and the Commerce Department reported on new home sales for October. Freddie Mac released its weekly report on mortgage rates and data on new weekly jobless claims was also released.
Last weekâs housing-related economic events included the Case-Shiller Home Price Index reports for April, the Commerce Departmentâs Pending Home Sales report and a report on Construction Spending. In other economic news, Non-Farm Payrolls, the ADP Employment report and Consumer Confidence reports were released. Freddie Macâs mortgage rates summary and the weekly unemployment claims report were released as usual.
Retail sales rose for the third consecutive month. May sales increased at a seasonally adjusted rate of 1.20 percent according to Commerce Department data.
Last week's economic reports included data from the Federal Reserve on student loan debt, job openings and retail sales. Weekly jobless claims and Freddie Mac's survey of average mortgage rates were released as usual on Thursday. A report on consumer sentiment wrapped up the week's scheduled economic new.
Last week's scheduled economic reports primarily revolved around the jobs sector. The federal government released reports on Nonfarm Payrolls, the national unemployment rate and weekly report on new jobless claims. ADP issued its monthly report on private sector payrolls. Readings on labor statistics are important to housing markets as stable employment conditions are a significant consideration for prospective home buyers.
Last week's housing related reports included the FHFA Home Price Index, the National Association of Realtors Existing Home Sales report and The Commerce Department's report on new home sales. Results were mixed, but suggest that housing markets are strengthening.
Mortgage rates ticked upward for fixed rate loans and were unchanged for 5/1 adjustable rate mortgages according to Freddie Mac. Weekly jobless claims were lower in spite of slower job growth reports.
Last week's housing related news was lean, with no scheduled reports released other than Freddie Mac's primary mortgage market survey. We'll start with some good news...