Home Sales Decline A Surprising 11%! Over the past week, economic events have had very little effect on mortgage rates. Year-end volatility due to light trading volume has been the more significant influence. Mortgage rates ended the past week just slightly higher. Analysts are scratching their heads bald, thinking up reasons to explain the 10.5% […]
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Volatile Week For The Market & Interest Rates Over the past week, mortgage interest rates were pushed and pulled by unusually large movements in global stock markets. The economic data had little impact. After a volatile week, mortgage rates ended just a little higher. Concerns about slowing global economic growth, particularly in China, caused the
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China Devalues Currency A surprise move in China helped mortgage rates improve early in the week. Stronger than expected U.S. economic data had the opposite effect later in the week. After the offsetting influences, mortgage rates ended slightly higher. China has long held its currency, the yuan, at a fixed value versus the dollar. On
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economicIs There a Fed Rate Hike in the Near Future? During the past week, comments from a Fed official increased investor expectations for a Fed rate hike this year, causing mortgage rates to move a little higher. The week’s economic data was mostly right on target and had little net effect. On Tuesday, Fed member
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Mixed Home Sales Leave The Market Uncertain After many weeks with higher than usual volatility due to the Greek debt issues, the past week was a very quiet one for mortgage rates. Greece was no longer a market moving factor, and the economic calendar was very light. Mortgage rates ended a little lower. The recently
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Retail Sales Drop Unexpectedly, Mortgage rates end favorably. Retail sales were surprisingly sluggish in June, according to a report released Tuesday. U.S. food and retail sales unexpectedly dipped last month, ticking down 0.3 percent from a strong May in another sign that U.S. economic performance stalled in June. Retail sales totaled $442 billion in June,
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China and Greece Still Left With A Big Question Mark! Over the past week, U.S. financial markets were influenced primarily by events in China and Greece. Concerns about slower growth in China and increased uncertainty about Greece were both favorable for mortgage rates, which ended the week a little lower. China is the second largest
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Strong Job Gains Means Higher Rates A wide range of reports in the U.S. and Europe over the past week indicated improving economic conditions. Unfortunately, good news for the economy is generally negative for mortgage rates, which moved higher. Following stronger than expected manufacturing and construction data earlier in the week, Friday’s Employment report exceeded
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U.S. Housing Starts Jump Mortgage markets generally were quieter than they have been over the last several weeks. The most highly anticipated economic release, the Fed minutes, had little impact. Mortgage rates ended the week a little higher. The minutes from the April 29 Fed meeting released on Wednesday contained no major surprises. According to
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U.S. Retail Sales Disappoint Again American consumers are not behaving as economists predicted they would. Retail sales unexpectedly barely budged in April following a revised 1.1 percent gain in March that was larger than previously estimated, Commerce Department figures showed Wednesday in Washington. Instead of spending the windfall from lower gasoline prices and rising employment,
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