November sales of pre-owned homes dipped lower than expected and prior monthâs readings according to the National Association of Realtors (NAR). Analysts expected existing home sales to slow to a seasonally-adjusted annual rate of 5.30 million sales, which was based on Octoberâs reading of 5.32 million sales. Instead, Novemberâs reading dropped to 4.76 million sales. Novemberâs drop represented a decline of 10.50 percent drop in existing home sales month-to-month; existing home sales were 3.80 percent lower year-over-year.
Federal Reserve Raises Short-Term Interest Rates
After prolonged speculation by economic analysts and news media, the Federal Open Market Committee of the Federal Reserve raised short-term interest rates for the first time in seven years. Committee members voted to raise the target federal funds rate to a range of 0.25 to 0.50 percent from a range of 0.00 to 0.25 percent to be effective December 17.
What’s Ahead For Mortgage Rates This Week – December 14, 2015
Last week’s scheduled economic releases included reports on job openings, retail sales and consumer confidence in addition to usual weekly releases on mortgage rates and new jobless claims.
What’s Ahead For Mortgage Rates This Week – December 07, 2015
Multiple economic reports released last week indicate further improvement in economic conditions. Pending home sales, construction spending and ADP payrolls increased while Non-farm Payrolls fell and the national unemployment rate held steady.
What’s Ahead For Mortgage Rates This Week – November 30, 2015
Although last weekâs economic calendar was cut short by the Thanksgiving holiday, several housing-related reports were released. The FHFA reported on third quarter results for its Housing Market Index and the Commerce Department reported on new home sales for October. Freddie Mac released its weekly report on mortgage rates and data on new weekly jobless claims was also released.
S&P Case-Shiller: September Home Prices Gain Across U.S.
Home prices increased across the S&P Case Shiller 20-City Home Price Index in September. According to the 20-City Home Price Index, Year-over year home price gains increased to 5.50 percent from Augustâs reading of 5.10 percent. 17 cities posted higher year-over0year price gains in September as compared to August.
Existing Home Sales Fall More Than Expected
Sales of previously owned homes reached 5.36 million sales on a seasonally adjusted annual basis and fell by 3.40 percent in October according to the National Association of Realtors. Rising home prices and a shortage of available homes strained housing markets. Concerns over potentially higher mortgage rates may have sidelined home buyers as concerns over an anticipated rate hike by the Federal Reserve persisted.
What’s Ahead For Mortgage Rates This Week – November 23, 2015
Last weekâs economic events included reports the National Association of Home Builders Housing Market Index, Housing Starts and the release of minutes for the most recent meeting of the Fedâs Federal Open Market Committee. The details:
What’s Ahead For Mortgage Rates This Week – November 16, 2015
Last week’s scheduled economic news was sparse due to no scheduled releases on Monday and the Veterans Day Holiday on Wednesday. A report on job openings was released on Thursday along with regularly scheduled weekly reports on jobless claims and Freddie Macâs report on mortgage rates.
What’s Ahead For Mortgage Rates This Week – November 09, 2015
Last week’s economic reports included releases on construction spending and several labor-related reports including ADP payrolls, Non-Farm payrolls, average hourly earnings and weekly jobless claims. Freddie Mac reported that mortgage rates rose as the national unemployment rate decreased to 5.00 percent.