Case Shiller

07 Sep 2023

Mortgage Rates This Week – September 5, 2023

Financial ReportsCase Shiller, Financial Report, Housing Market

Last week's economic data encompassed key indicators such as inflation, consumer sentiment, mortgage rates, and jobless claims. Steady Inflation Rates in August In August, the month-to-month inflation rate exhibited resilience, holding relatively steady at 3.18 percent. While this marks a slight increase from the 2.97 percent recorded the previous month, it stands significantly lower than the daunting 8.52 percent seen a year ago. When compared to the long-term average of 3.2 percent, inflation seems to be trending in the right direction. July saw inflation rise at a pace of 0.20 percent, aligning with analysts' expectations. There was no discernible shift…

07 Aug 2023

By Lonny Levine

What’s Ahead For Mortgage Rates This Week – August 7, 2023

Financial ReportsCase Shiller, Financial Report, Mortgage Rates

Last week’s scheduled economic reporting included readings on construction spending, public and private sector payroll growth, and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims were also released. Construction Spending Slips in June U.S. construction spending slipped by 0.60 percent to 0.50 percent growth in June; analysts expected a month-to-month reading of 0.70 percent growth in construction spending. Year-over-year construction spending increased by 3.50 percent of which single-family residential construction accounted for 2.10 May’s reading for construction spending was revised from 0.90 percent growth to 1.10 percent growth from May to June. Private residential construction…

17 Jul 2023

By Lonny Levine

Navigating the Mortgage Market: What to Expect This Week – July 17, 2023

Financial ReportsCase Shiller, Financial Report, Mortgage Rates

Last week’s economic reporting included readings on month-to-month and year-over-year inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published. Month-to-Month Inflation Rises as Year-Over-Year Inflation Slows The Consumer Price Index for June rose 0.20 percent in June as compared to May’s reading of 0.10 percent growth and expectations of 0.30 percent month-to-month growth. The core CPI reading, which excludes volatile food and fuel sectors, fell to 0.20 percent growth in June as compared to May’s month-to-month reading of 0.40 percent growth. The year-over-year reading for the Consumer Price Index in June slowed to 3.00…

03 Jul 2023

By Lonny Levine

What’s Ahead For Mortgage Rates This Week – July 3rd-7th, 2023

Financial ReportsCase Shiller, Jobless Claims, Mortgage Rates

Last week’s scheduled economic news includes readings on inflation, new home sales, pending home sales, and consumer sentiment. Federal Reserve Chair Jerome Powell spoke at a banking conference in Spain. Weekly reports on mortgage rates and jobless claims were also released. New Home Sales Rise as Pending Home Sales Fall May readings for new and pending home sales showed mixed results for May. 763,000 new home sales were expected on a seasonally-adjusted annual basis. Analysts expected a reading of 675,000 sales based on April’s year-over-year reading of 680,000 new home sales. May’s increase in new home sales was the largest…

29 Jun 2023

By Lonny Levine

S&P Case-Shiller Housing Market Indices: Short Supply of Homes for Sale Pushes Prices Up

Financial ReportsCase Shiller, Financial Report, Housing Market

April readings for S&P Case-Shiller’s Housing Market Indices showed gains in home prices throughout the U.S. Rising prices were caused by shortages of previously-owned homes for sale and increasing buyer demand as the average 30-year mortgage rate exceeded six percent. The southeastern region lost its top spot on S&P Case-Shiller’s 20-City Home Price Index as Chicago, Illinois, Atlanta, Georgia, and Tampa, Florida held the top three year-over-year home price growth rates for April. Chicago, Illinois Breaks Southeast’s Lead on April Home Price Growth The top three cities with the highest home price growth rates as reported in April’s S&P Case-Shiller’s…

19 Jun 2023

By Lonny Levine

What’s Ahead For Mortgage Rates This Week – June 19, 2023

Financial ReportsCase Shiller, Financial Report, Jobless Claims

Last week’s scheduled economic reports included readings on inflation, the Fed’s Federal Open Market Committee meeting, and Fed Chair Jerome Powell’s press conference. Weekly readings on mortgage rates and jobless claims were also published. Fed Leaves Key Rate Range Unchanged Federal Reserve policymakers left the Fed’s current interest rate range unchanged at 5.00 to 5.25 percent; the Fed decision was announced after a scheduled meeting of the Fed’s Open Market Committee ended on Wednesday. Factors contributing to the FOMC policymakers’ decision included the cumulative effects of tightening monetary policy, lags between changing monetary policy and any impact on the economy,…

12 Jun 2023

By Lonny Levine

What’s Ahead For Mortgage Rates This Week – June 12, 2023

Financial ReportsCase Shiller, Financial Report, Jobless Claims

Last week’s scheduled economic news included results from Fannie Mae’s National Housing Survey and weekly readings on mortgage rates and jobless claims. Fannie Mae Survey Shows Lower Home Buyer Confidence in May Fannie Mae reported lower home buyer confidence in housing market conditions in May. High home prices and rising mortgage rates challenged prospective home buyers while providing favorable conditions for sellers. 65 percent of consumers surveyed for Fannie Mae’s Home Purchase Sentiment Index believed that it was a good time to sell their homes as compared to 62 percent of consumers surveyed in April. This was the highest consumer…

09 Jun 2023

By Lonny Levine

S&P Case-Shiller Home Price Indices Show Mixed Readings in March

Financial ReportsCase Shiller, Financial Reports March readings for the S&P Case-Shiller National Home Price Index showed that month-to-month home prices rose by 0.40 percent in March. The 20-City Home Price Index, which is considered a benchmark indicator by U.S. real estate professionals

March readings for the S&P Case-Shiller National Home Price Index showed that month-to-month home prices rose by 0.40 percent in March. The 20-City Home Price Index, which is considered a benchmark indicator by U.S. real estate professionals, rose by 0.50 percent month-to-month in March but posted a negative reading of -1.10 percent year-over-year. Analysts said that the slim supply of homes for sale drove up prices as demand for homes exceeded available inventory. Homeowners took a “wait and see” position as mortgage rates rose and concerns over the economy persisted. Those who refinanced their mortgages to low rates during the…

15 May 2023

By Lonny Levine

Examining the Market: Mortgage Rate Outlook for May 15, 2023

Financial ReportsCase Shiller, Financial Report, Mortgage Rates

Last week’s scheduled economic reporting included readings on inflation, consumer sentiment, and weekly readings on mortgage rates and jobless claims. Inflation Rate Rises in April, Slower Pace Expected in Coming Months The U.S. Labor Department reported the month-to-month pace of inflation rose by 0.40 percent in April and matched analysts’ expectations. April’s reading surpassed the March reading of 0.10 percent month-to-month inflationary growth. Inflation rose by 4.90 percent year-over-year in April. Analysts expect inflationary growth to continue, but at a slower pace through 2023. Core inflation, which excludes volatile food and fuel sectors, rose at a month-to-month pace of 0.40…

08 May 2023

By Lonny Levine

Mortgage Rate Projections for the Week Ahead – May 8, 2023

Financial ReportsCase Shiller, Financial Report, Mortgage Rates

Last week’s economic news included reporting on construction spending, the Federal Reserve’s decision to raise its benchmark interest rate, and weekly readings on mortgage rates and jobless claims. Construction Spending Increases in March The Commerce Department reported that month-to-month construction spending rose by 0.30 percent and year-over-year construction spending increased by $1.83 trillion. Residential construction fell by -0.20 percent in March, which was the tenth consecutive monthly decline in residential construction spending. Non-residential construction spending rose by 0.70 percent in March for the ninth gain in the past 10 months. Fed Raises Key Interest Rate Range Federal Reserve policymakers raised…