Market Update: Rates Rise 📈

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: 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...

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...

cmgfi cmgfi | 1 year ago

Market Update: Rates Trend Higher; Consumer Price Index Coming Up This Week Blog posted On June 06, 2022 Mortgage rates trended higher last week after seeing favorable downward trends the week before. Several factors contributed to the rise. One simply is the volatility of the current market. “Any time anything in the market has been doing one thing bigger/longer than normal, odds of a rebound increase,” writes Matthew Graham, chief operating officer at Mortgage Ne...

cmgfi cmgfi | 1 year ago

Market Update: Rates Slightly Higher; Consumer Price Index Coming Up This Week Blog posted On July 11, 2022 Last week, mortgage rates trended slightly higher from their one-month lows the previous week. After last month’s consumer price index release showed that inflation was still climbing, rates trended sharply upward. Later, the bond market rallied after the Federal Open Market Committee (FOMC) meeting and rates began trending lower. The consumer price index sche...

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 Trend Higher; Case-Shiller Home Price Index, Pending Home Sales, and PCE Index Coming Up This Week Blog posted On September 26, 2022 Last week, mortgage rates trended higher. Mortgage rates have been trending higher since the release of the latest consumer price index, which showed that inflation is at higher-than-expected levels. The Federal Open Market Committee (FOMC) also made a unanimous decision to raise the benchmark interest rate by anothe...

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 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...

Market Update: Rates Trend Lower; NAHB Index, Housing Starts and Building Permits, and Existing Sale...

cmgfi cmgfi | 1 year ago

Mortgage rates dropped to some of the lowest levels in two weeks towards the middle of last week. Typically, decreases that drastic only happen but once a year and are tied to some huge event happening in the market. But this year is a year like no other. The volatility alone in the 2022 market has spawned some dramatic climbs and tumbles for rates. Commenting on the drops from last week, Mortgage News Daily CEO and founder Matthew Graham writes, “It's a sign of 2022's times that ther...