Sticky inflation and increasing U.S. debt contributed to mortgage rate volatility that had rates showing improvement mid-week, but moving higher by week’s end. The CPI (consumer price index) came in higher than expected last week, with housing and energy costs making the biggest splash. Not only did the higher inflation spook markets, but pushed the
The upward trend that we’ve seen for rates over the last four weeks continued last week, according to the latest survey of average mortgage rates by Freddie Mac. Fortunately, the inflation data that came out last week – the PCE Index, which is the Fed’s favorite gauge of inflation – met expectations at 2.8 percent
Usually, the release of the Fed Minutes is a minor affair, however, last week was a different story as markets try and figure out what the Fed’s next moves are going to be. Not too long ago, traders expected the Fed to start cutting rates at their March meeting, which could have helped mortgage rates
The positive economic readings of the last week – like robust retail sales, low unemployment, and healthy GDP (gross domestic product) – caused rates to tick up slightly, according to the latest survey of average rates by Freddie Mac. However, rates remain in a narrow range, not bouncing around too much. According to Sam Khater,
For now the sixth week in a row, mortgage rates continue to improve, according to the weekly survey of average mortgage rates published by Freddie Mac. Signs are showing buyers returning to the market but not yet in droves. For savvy buyers, now might be an opportune time to be in the market! Part of
As we kick off the fourth quarter of the year, market conditions are not getting better for home buyers as mortgage rates continue to rise and housing inventory remains challenging. Yes, homes are still moving, being bought and sold, and transactions are happening but conditions are not what we’d love them to be. Why? Largely
The last week since we were last here has been a little crazy! Here’s what’s happened. First, as you know, last week, the Fed had a meeting. On Wednesday, as expected, they announced that there was no change in the Fed Fund Rate, the interest rate they set. Then all heck broke loose with Fed
Last week’s biggest economic headline centered on inflation news and the consumer price data that came out showing the CPI (consumer price index) rising by 0.6 percent for the month, higher than expected. The main reason? Energy prices, mainly oil prices, which, if you’ve been to the gas station recently, is no surprise. The core
Mortgage rates improved but just by a tiny bit last week, according to the weekly survey of average rates released by Freddie Mac. The economy remains strong, and inflation has eased, but there are concerns by economists that inflation may be headed up again, thanks to rising oil prices. If you’ve been to the pump
If you’ve been following economic news, then you likely have seen the headlines that mortgage rates continue to climb. According to Freddie Mac’s most recent survey of average rates, published last week, the 30-year rate has risen to its highest level since 2001. This precipitous climb over the past few weeks has come largely as
