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What’s Ahead For Mortgage Rates This Week – April 11, 2016

Last week's economic news included minutes of the most recent Federal Open Market Committee (FOMC) meeting. Weekly reports on mortgage rates and new jobless claims were also released. FOMC Minutes Indicate Fed Not Pressing Rate Increases Minutes of the FOMC meeting held March 15 and 16 suggest that FOMC members are easing their enthusiasm for raising the target federal funds rate. In recent months, the committee has indicated that it was leaning toward raising rates on a slow but steady pace. Ongoing concerns over changing global economic and financial conditions contributed to FOMC's decision not to raise the key federal…
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What’s Ahead For Mortgage Rates This Week – April 4, 2016

Last week's economic calendar was full of new releases including pending home sales, Case-Shiller Home Price Indices and construction spending. Labor related reports including ADP payrolls, federal Non-farm payrolls, and the national unemployment rate were also released along with reports on consumer confidence and weekly reports on mortgage rates and new unemployment claims. Case-Shiller: January Home Prices Up 5.7% Year-Over-Year According to the S&P Case-Shiller 20-City Home Price Index for January, home prices increased by 5.70 percent year-over-year. The West led price increases with double-digit price gains posted for San Francisco, California, Portland, Oregon and Seattle, Washington. Denver, Colorado also…
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What’s Ahead For Mortgage Rates This Week – March 28, 2016

Increasing Home Prices Good For Sellers The National Association of Realtors (NAR) reported lower sales of pre-owned homes in February. Would-be buyers were discouraged by rapidly rising home prices. Short supplies of available homes sidelined potential buyers as higher home prices and cash buyers squeeze out buyers who need mortgages to buy homes. Multiple offers resulting in bidding wars have also deterred buyers in high demand markets. According to NAR's February report, sales of existing homes fell 7.10 percent to their lowest level since November. NAR has predicted that rapidly rising home prices would eventually damage housing markets. While analysts…
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What’s Ahead For Mortgage Rates This Week – March 14, 2016

Last week's economic news included Fannie Mae's Home Purchase Sentiment Index along with weekly reports on mortgage rates and new jobless claims. The City of Detroit also announced a program to help would-be buyers purchase homes that do not qualify for mortgage loans due to severe damage. Fannie Mae: Home Buyer Sentiment Index Rises Fannie Mae's Home Buyer Sentiment Index (HBSI) gained 1.20 percent for an overall reading of 82.70 percent for February. The index reading is calculated using responses to several questions contained in Fannie Mae's National Housing Survey. HBSI components include consumer responses to questions about whether it's…
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What’s Ahead For Mortgage Rates This Week – March 7, 2016

Week in Review Last week's scheduled economic news included reports on pending home sales, construction spending and several jobs related readings including ADP Payrolls, the government's Non-Farm Payrolls and the national unemployment rate. Mortgage Rates, Weekly Unemployment Claims Rise Mortgage rates rose across the board according to Freddie Mac's weekly report. The average rate for a 30-year fixed rate mortgage rose two basis points to 3.64 percent; the average rate for a 15-year fixed rate mortgage rose by one basis point to 2.94 percent and the average rate for a 5/1 adjustable rate mortgage rose five basis points to 2.84…
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