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You are here: Home / Archives for Financial Reports

What’s Ahead For Mortgage Rates This Week – March 27, 2023

March 27, 2023 by Michael Inkman

What's Ahead For Mortgage Rates This Week - March 27, 2023Last week’s financial and economic reporting included readings on sales of new and previously-owned homes, along with weekly data on mortgage rates and jobless claims.

Single-Family Home Sales Rise in February

Year-over-year sales of previously owned homes rose 14.5 percent to a seasonally-adjusted pace of 4.58 million sales. Analysts expected 4.20 million sales of pre-owned homes as compared to January’s year-over-year reading of 4.0 million sales. February’s increased sales halted 12 months of falling sales of previously-owned homes. February’s reading marked the highest pace of sales since July 2020, when sales of pre-owned homes rose by 22.40 percent.

The National Association of Realtors® said that February’s reading represented the largest increase in existing home sales since the inception of reporting sales of previously-owned homes in 1999. The median sale price of existing homes was $363,000 in February. There was a 2.6-month supply of homes available in February.

February sales of new single-family homes rose to 640,000 sales from January’s reading of 633,000 sales. While analysts said that a brief lull in climbing mortgage rates contributed to increased home sales, new home sales remained 22.60 percent lower than in February 2021.

FOMC Statement: Fed Strives to Hold Inflation in Check, Mortgage Rates Fall

The Federal Reserve’s Federal Open Market Committee released the minutes of its March meeting; the Committee voted to raise its key interest rate range to 4.75 to 5.00 percent; the Committee reaffirmed its goal of returning inflationary growth to two percent. Fed Chair Jerome Powell said that the Fed was planning to continue rate hikes before the failure of Silicon Valley Bank. Chairman Powell said the bank’s failure forced Fed policymakers to consider a halt to interest rate hikes.

Freddie Mac reported lower average mortgage rates as the rate for 30-year fixed-rate mortgages fell by 18 basis points to 6.42 percent. The average rate for 15-year fixed-rate mortgages fell by 22 basis points to 5.68 percent. Initial jobless claims fell slightly to 191,000 claims as compared to the previous week’s reading of 192,000 first-time claims filed. Continuing jobless claims rose to 1.69 million claims filed from the prior week’s reading of 1.68 million ongoing claims filed.

What’s Ahead

This week’s scheduled economic reports include readings on home prices, inflation, and consumer sentiment. Weekly reports on mortgage rates and jobless claims will also be released.

Financial Reports Tagged: Financial Report, Home Sales, mortgage rates

What’s Ahead For Mortgage Rates This Week – March 20, 2023

March 20, 2023 by Michael Inkman

What's Ahead For Mortgage Rates This Week - March 20, 2023Last week’s economic reporting included readings on housing starts and building permits issued, the National Association of Home Builders Housing Market Index, and Fed Chair Janet Yellen’s Senate testimony. The Commerce Department reported on housing starts and building permits issued published, and a monthly reading on consumer sentiment was published. Weekly reports on mortgage rates and jobless claims were also released.

Two bank failures instill fear in depositors

In the aftermath of two bank failures last week,  US Treasury Secretary Janet Yellen said that “the banking system is sound” during testimony to the US Senate last Thursday. When asked if federal protection could be extended to deposit accounts exceeding $250,000, Secretary Yellen replied that such action would “require approval from super majorities of the Boards of the Federal Reserve, the FDIC.and consultation between the Treasury Secretary and the president to determine that failure to protect uninsured depositors would create system risk and significant economic and financial consequences.”

NAHB: home builder confidence in US housing market improves

The National Association of Home Builders reported that its Housing Market Index for March increased by two points to an index reading of 44. Home builders expected a reading of 40 and the February HMI reading was 42. Readings below 50 indicate that most home builders surveyed were not confident about current housing market conditions.

The Commerce Department reported that housing starts exceeded expectations in February with 1.45 million starts reported as compared to the expected reading of 1.31 million starts and January’s reading of 1.32 million starts. Building permits issued also rose in February with 1.52 million permits issued as compared to expectations of 1.34 million permits issued and January’s reading of 1.34 million building permits issued.

Mortgage rates, jobless claims fall

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by 13 basis points to 6.60 percent. Rates for 15-year fixed-rate mortgages fell by five basis points to an average rate of 5.90 percent.

Initial jobless claims were also lower with 192,000 first-time claims filed as compared to the prior week’s reading of 212,000 claims filed. 1.68 million continuing jobless claims were filed as compared to 1.71 million ongoing claims filed in the previous week. 

What’s ahead

This week’s scheduled economic reporting includes readings on sales of new and previously-owned homes, the post-meeting statement from the Federal Open Market Committee, and Federal Reserve Chair Jerome Powell’s post-meeting press conference. Weekly readings on mortgage rates and jobless claims will also be published.

Financial Reports Tagged: Financial Report, Jobless Claims, mortgage rates

What’s Ahead For Mortgage Rates This Week – March 13, 2023

March 13, 2023 by Michael Inkman

What's Ahead For Mortgage Rates This Week - March 13, 2023

Last week’s economic reporting included Fed chair Jerome Powell’s testimony to the House of Representatives, data on job growth, and weekly readings on mortgage rates and jobless claims.

Fed: Chairman Powell says no decision on March rate hike

Federal Reserve Chair Jerome Powell said that no decision has been made about raising the Fed’s target interest rate range in March. Mr. Powell said, “We have not made any decision about the March meeting. We’re not going to do that until we see the additional data.” Mr. Powell said that the Fed is not on a “pre-set path. We will be guided by the incoming data and the evolving outlook.” Mr. Powell cited the upcoming jobs report and inflation data as examples of information used in decisions to raise or lower the Fed’s interest rate range. The Fed will announce its decision regarding its target interest rate range in its usual post-meeting statement on March 22.

Mr. Powell also said that the Fed may accelerate its pace of raising interest rates by 0.50 percent in its continued efforts to control inflation.

Freddie Mac reports higher mortgage rates

Average mortgage rates rose last week according to Freddie Mac’s Primary Mortgage Market Survey.  The average rate for 30-year fixed-rate mortgages rose by eight basis points to 6.75 percent; the average rate for 15-year fixed-rate mortgages rose by six basis points to 5.95 percent.

Jobless claims rose to 211,000 claims filed from the prior week’s reading of 190,000 initial claims filed. analysts expected 195,000 first-time claims filed. The national unemployment rate rose to 3.6 percent in February as compared to January’s 3.4 percent unemployment rate.

What’s Ahead

This week’s economic reporting includes readings on U.S. housing markets, inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published. 

Financial Reports Tagged: Financial Report, Jobless Claims, mortgage rates

What’s Ahead For Mortgage Rates This Week – March 6, 2023

March 6, 2023 by Michael Inkman

What's Ahead For Mortgage Rates This Week - March 6, 2023Last week’s economic reporting included readings from S&P Case-Shiller home price indices, data on pending home sales, and weekly readings on mortgage rates and jobless claims.

S&P Case-Shiller: December Home Price Growth Slows in 20-City Index

Home price growth slowed in December according to S&P Case-Shiller’s 20-City Home Price Index. Home prices rose by 4.60 percent year-over-year as compared to November’s year-over-year home price growth rate of 6.80 percent. The top three cities for home price growth in the 20-City Index were Miami, Florida, Tampa, Florida, and Atlanta, Georgia.

Former leading cities for home price growth have fallen to the bottom of the 20-Cities Home Price Index. Year-over-year home prices fell by -4.20 percent in San Francisco, California, and were – 1.80 percent lower in Seattle, Washington. The slowest pace of home price growth was reported in Portland, Oregon with a year-over-year home price growth rate of + 1.10 percent.

In related news, the Commerce Department reported construction spending rose by 5.70 percent year-over-year in January. Although analysts expected month-to-month construction spending to rise by 0.30 percent in January, spending fell by -0.10 percent as compared to December’s positive reading of 0.70 percent growth in month-to-month construction spending.

Mortgage Rates, Jobless Claims

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by 15 basis points to 6.65 percent. Rates for 15-year fixed-rate mortgages rose by 13 basis points on average. Initial jobless claims fell below 200,000 first-time jobless claims for the seventh consecutive week with a reading of  190,000 first-time claims filed as compared to the expected reading of 197,000 initial claims filed and the previous week’s revised reading of 192,000 claims filed.

What’s Ahead

This week’s scheduled economic reporting includes readings on job growth, national unemployment, and weekly readings on mortgage rates and jobless claims. Several Federal Reserve officials are scheduled to testify before House and Senate committees next week. Fed Chair Jerome Powell will attend and will also testify. 

Financial Reports Tagged: Financial Report, Jobless Claims, mortgage rates

S&P Case-Shiller: December Home Price Growth Slows

March 2, 2023 by Michael Inkman

S&P Case-Shiller: December Home Price Growth SlowsHome price growth slowed in December according to the S&P Case-Shiller 20-City Home Price Index. Year-over-year home prices rose by 4.6 percent in December as compared to November’s reading of 6.8 percent growth. Rising mortgage rates caused home prices to dip as potential buyers delayed home purchases and demand for homes fell.

Craig J. Lazzara, managing director of S&P Dow Jones Indices, said: “The prospect of stable, or higher mortgage rates means that mortgage financing remains a headwind for home prices, while economic weakness, including the possibility of a recession, may also constrain potential buyers. Mr. Lazzara concluded: “Given these prospects for a challenging macroeconomic environment,  home prices may well continue to weaken.”

The S&P Case-Shiller National Home Price Index fell by a seasonally-adjusted figure of -0.30 percent in December but rose by 5.80 percent year over year.

S&P Case-Shiller 20-City Index Shows Slowing Home Price Growth for December

Nationally home prices fell by -0.30 percent month-to-month and were 5.80 percent higher year-over-year.

Case-Shiller’s 20-City Home Price Index is widely used as a benchmark for U.S. home prices; December’s top three cities for rising home prices were Miami, Florida with 15.90  percent year-over-year home price growth; Tampa, Florida followed with 13.9 percent home price growth and Atlanta, Georgia reported 10.4 percent year-over-year home price growth in December.  The 20-City Index reported 4.60 percent year-over-year home price growth as compared to November’s reading of 6.80 percent year-over-year home price growth.

Home prices fell the most in formerly hot markets; in San Francisco, California home prices dropped by -4.20 percent year-over-year and home prices fell by -1.80 percent in Seattle, Washington. Portland, Oregon had the lowest pace of home price growth with a year-over-year reading of 1.10 percent.

In related news, the Federal Housing Finance Agency reported home price growth data for homes owned or financed by Fannie Mae and Freddie Mac. Home prices rose 8.40 percent year-over-year between the fourth quarters of 2021 and 2022.

Analysts said that lower home prices were caused by rising mortgage rates and lower demand for homes caused by buyers’ concerns about a possible recession. Limited supplies of available homes helped reduce potential losses caused by less buyer demand for homes. High mortgage rates, competition with cash buyers, relatively high home prices, and slim supplies of available homes continue to present challenges to first-time and moderate-income home buyers.

 

Financial Reports Tagged: Case Shiller, Financial Report, Home Prices

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Michael Inkman

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