August New Home Sales: New Sales Soar Past Expectations
Home builders have been pulling back single-family building activity in the face of diminishing demand for months, but new home sales in August blew the July numbers out of the water, up over a quarter from where they were a month ago
Mortgage Rates Move Up on CPI Data Release
While interest rates continue to be volatile as markets adjust expectations for Fed rate hikes, mortgage rates ended the week basically unchanged at about 6% for a 30-year fixed rate loan. Economic data and comments from Fed officials last week point to the Federal Reserve continuing to raise the Fed Funds rate until inflation is under control.
August Existing Home Sales: Sales Continue to Drop as Market Rebalances
As the housing market rebalancing pushes on, existing home sales have declined every month in 2022, reaching the lowest level in the past two years in August.
The Fed Watch: The Impact of Uncertainty
Housing affordability in the U.S. is the worst it’s been in decades after mortgage rates shot up following two years of low-rate-plus-pandemic-fueled price growth. But that’s not the only thing making it hard for buyers to move forward. Mortgage rate volatility, the result of uncertainty introduced by the sea change in Federal Reserve policy early in the year, also plays a big part.
August Housing Starts: Market Rebalancing Tipping the Scales in Building
Home builders are in a pivotal moment as they navigate this rapidly changing environment, and they are continuing to adjust their expectations about what the future housing market will hold.
Mortgage Rates Stay Flat as Inflation Persists
While interest rates continue to be volatile as markets adjust expectations for Fed rate hikes, mortgage rates ended the week basically unchanged at about 6% for a 30-year fixed rate loan. Economic data and comments from Fed officials last week point to the Federal Reserve continuing to raise the Fed Funds rate until inflation is under control.
Mortgage Rates Move Higher as Fed Commits to Containing Inflation
Fed Chair Powell noted late in the prior week that the Fed is committed to containing inflation, which will likely result in some economic pain. While data is pointing to easing pressure on prices in several sectors, the level of economic activity appears to give the Fed more runway to raise rates before triggering recession risk.
June 2022 Case-Shiller Results & Forecast: Moving Towards Rebalance
The S&P CoreLogic Case-Shiller U.S. National Home Price Index® rose 18% year-over-year in June (non-seasonally adjusted), down from 19.7% in May.
Mortgage Rates Rise on Robust Economic Activity
Mortgage rates moved higher again last week. Fed Chair Powell noted late in the prior week that the Fed is committed to containing inflation, which will likely result in some economic pain.
Mortgage Rates Increase on Stronger Economic Data Than Anticipated
Mortgage rates increased last week. Economic data releases showed stronger economic activity than markets anticipated; continued tight labor markets, resilient consumer spending and strong manufacturing activity. Fed officials continue to message to investors that they are committed to getting inflation under control.
