Market Update: Rates Fall, Construction Spending & Jobs Reports

cmgfi cmgfi | 1 year ago

Market Update: Rates Fall; Construction Spending and Jobs Reports Coming Up This Week Blog posted On August 01, 2022 Mortgage rates took a sharp downward tumble last week after the Federal Open Market Committee (FOMC) announced another aggressive rate hike, and the GDP estimate showed another negative number for Q2 of 2022. It may sound confusing that a sharp rate hike would be a contributor for lower mortgage rates, but it’s important to remember that the Federal R...

cmgfi cmgfi | 1 year ago

Market Update: Mortgage Rates Rise; Construction Spending and Job Openings Coming Up This Week Blog posted On October 03, 2022 Mortgage rates continued trending upward last week. While there was a short correction mid-week, the volatility ramped back up by end-week. However, this doesn't mean that all hope is lost for mortgage rates. While it's likely that they will continue trending upward until inflation cools, rates have seen some of the biggest day-to-day changes i...

cmgfi cmgfi | 1 year ago

Market Update: Rates Drop; Case-Shiller Home Price Index and Construction Spending Coming Up This Week Blog posted On May 30, 2022 Mortgage rates fell to their lowest level in over a month last week, according to the average data from Mortgage News Daily. One of the main causes for the downward trend is the continued declines in the stock market. Last week, there was a specific drop following the new home sales data. So, the silver lining of the seemingly poor trends i...

cmgfi cmgfi | 1 year ago

Market Update: Rates Fall; Job Openings Coming Up This Week Blog posted On July 04, 2022 Last week, mortgage rates trended downward to reach their lowest level in over a week. A large contributor was the personal consumption expenditures (PCE) index, which is the Federal Reserve’s preferred method of measuring inflation. May’s PCE index revealed that spending was slightly cooler than expected. Inflation is the enemy of bonds, and mortgage rates closely follow the b...

cmgfi cmgfi | 1 year ago

Market Update: Rate Fall; Pending Home Sales, Case-Shiller Home Price Index, and Construction Spending Coming Up This Week Blog posted On June 27, 2022 Mortgage rates trended downward last week after a rally in the bond market following Federal Reserve Chairman Jerome Powell’s testimony. During his testimony, he subtly prepped the markets for the possibility of a slowdown. When the economy slows, interest rates typically drop. This week, there are several important ...

cmgfi cmgfi | 1 year ago

Market Update: Rates Fall; New Home Sales and Fed Interest Rate Decision Coming Up This Week Blog posted On July 25, 2022 Last week, mortgage rates trended down to two-week lows due to weak economic data in the U.S. and announcements from the European Central Bank (ECB). The Philadelphia Fed Index resulted in a chart that pointed to big economic weakness, which is good news for interest rates. The ECB also released an announcement about a new bond-buying program that ...

Market Update: Rates Rise; Consumer Price Index Coming Up This Week |

cmgfi cmgfi | 1 year ago

Mortgage rates trended upward last week for different reasons. Although the Federal Reserve hiked the benchmark interest rate, the market reacted more positively to Fed Chairman Jerome Powell’s statement that “the committee isn't even considering raising rates by more than 0.50% at any subsequent meeting,” writes Mortgage News Daily Chief Operating Officer Matthew Graham. Towards the end of the week, they began trending upward again. “In the case of the bond market, unwinding th...

cmgfi cmgfi | 1 year ago

Market Update: Rates Unchanged; Consumer Price Index Coming Up This Week Blog posted On September 12, 2022 Mortgage rates ended last week relatively unchanged from the week before, or slightly lower in some cases. This week’s rate volatility could be higher as the consumer price index is scheduled for release and the Federal Reserve is it its usual public comment ‘blackout’ prior to the Federal Open Market Committee (FOMC) meeting next week. The consumer pric...

Market Update: Rates Trend Lower; New Home Sales and Pending Home Sales Coming Up This Week |

cmgfi cmgfi | 1 year ago

Last week, mortgage rates trended downward to hit three-week lows. Again, no huge contributing factor or obvious reason for the large sways in rate trends right now other than the extreme volatility of the current market.

cmgfi cmgfi | 1 year ago

Market Update: Mortgage Rates Rise; Consumer Price Index Coming Up This Week Blog posted On October 10, 2022 Mortgage rates trended higher last week after the release of strong jobs reports. In a typical market, economic data wouldn't influence rates to the volatility of this extent. But this year has not been a typical market. After several job reports last week came in at higher-than-expected levels, the markets started adjusting and repricing. Why? Strong jobs data...