Mortgage Rates

27 Nov 2023

What’s Ahead For Mortgage Rates This Week – November 27, 2023

Financial ReportsFinancial Report, Jobless Claims, Mortgage Rates

There will be a very light week with the Holiday season approaching. The only notable reports to have come out for the week are the U.S. economic leading indicators, with nothing scheduled around Thanksgiving weekend. The median forecast for the leading indicators has shown that with the rest of the CPI and PPI data among other economic statistics, the economy does seem to be heading towards a soft landing as the Federal Reserve had initially targeted. The most notable changes are lending partners cutting rates with the potential for shifting economic policies and rate cuts in the future. U.S. Leading…

20 Nov 2023

By Lonny Levine

What’s Ahead For Mortgage Rates This Week – November 20, 2023

Financial ReportsFinancial Report, Jobless Claims, Mortgage Rates

With the release of the CPI and PPI data, much of the broader market has been anticipating the potential cooling of inflation numbers month-to-month and those expectations have been met. There’s a consistent trend of inflation slowing down which brings a greater potential for the end of any rate hikes from the Federal Reserve, signaling a soft-landing for the economy which has been touted by Jerome Powell. With a soft landing, it does also signal a strong potential for the Federal Reserve to begin lowering rates in the coming future. Consumer Price Index Despite the report beating inflation expectations and…

08 Nov 2023

By Lonny Levine

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Mortgage Rate Locks: When and How to Secure a Favorable Rate

MortgageMortgage, Mortgage Rates, Rate Lock

Securing a mortgage to purchase your dream home is a significant financial decision. One of the essential aspects of this process is locking in a favorable mortgage rate. A mortgage rate lock ensures that the interest rate on your loan remains the same for a specified period, protecting you from potential rate fluctuations. We will explore when it's best to lock in a mortgage rate and provide a step-by-step guide on how to do it. When to Lock in Your Mortgage Rate The perfect time to lock in your mortgage rate depends on various factors, and it's not an exact…

06 Nov 2023

By Lonny Levine

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What’s Ahead For Mortgage Rates This Week – November 6, 2023

Financial ReportsFinancial Reports, Jobless Claims, Mortgage Rates

The most important data of the quarter was released, signaling the direction for many markets and where economic policy may be headed. Jerome Powell as well as other members of the Federal Reserve spoke about the state of economic policy, informing many parties about their decisions to remain hawkish or dovish in their approach. Further rate hikes could tell a story that inflation is not yet under control and the Federal Reserve feels the need to continue these rate hikes, which will have a significant impact on the lending markets as a whole. FOMC Rate Decision While Fed Chair Jerome…

30 Oct 2023

By Lonny Levine

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What’s Ahead For Mortgage Rates This Week – October 30, 2023

Financial ReportsFinancial Report, Jobless Claims, Mortgage Rates

This week’s most significant data offered preliminary numbers for manufacturing and services PMI (Purchasing Managers Index). Both can serve as a forward indicator for the economy while providing insight into the current state of the cost of living for the service industry. While manufacturing met an expected rise for the end of October, services saw a contraction, falling to 46.6 from 49.3. Readings below 50.0 can be a sign of a downturn for the economy, particularly given the time of the year. Mortgage Applications & Rates Indices MBA Mortgage Applications Index saw a reduction of -1.0% in applications for the…

23 Oct 2023

By Lonny Levine

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What’s Ahead For Mortgage Rates This Week – October 23, 2023

Financial ReportsFinancial Report, Housing Market, Mortgage Rates

This week featured the usual retail sales report which shows consumer demand and as well as an indicator of the velocity of money, not only for consumers but business to business as well. An increase would show an increase in national and local increase in economic activity, which is important as we move into Q4 of the year; where the holiday season is expected to see an increase in consumer activity. Retail Sales Retail sales have exceeded expectations this month showing month-to-month increases across the board: Retail sales are up 0.7% from the previous month with an expected increase of…

02 Oct 2023

By Lonny Levine

Mortgage Rate Projections: Week of October 2nd, 2023

Financial ReportsConsumer Index, Financial Report, Mortgage Rates

Last week, consumers were treated to several indicators on inflation that not only paint a picture of the economy’s health but also give the Fed more information to work with as it continues to aim for a soft landing. August Sees a Slight Upward Trend in Inflation This week, the personal consumption expenditures price index, which excludes more volatile commodities like food and energy, increased 0.1 percent for the month. This is lower than the expected value of 0.2 percent, which indicates that the rising interest rates are starting to have an impact on the economy as the Fed continues…

25 Sep 2023

By Lonny Levine

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What to Expect for Mortgage Rates This Week – September 25th, 2023

Mortgage RatesMarket Outlook, Mortgage Rates

In the latest round of economic updates, we delved into the state of the U.S. housing market, scrutinizing indicators like housing starts, building permits, and the Federal Reserve's post-meeting statement from the Federal Open Market Committee. This comprehensive review also encompassed data on the sale of pre-owned homes, along with the regular reports on mortgage rates and jobless claims. Home Builders' Confidence Dampened by Rising Mortgage Rates The confidence of homebuilders took a hit in September as they assessed the conditions in the U.S. housing market. The index for September stood at 45, falling short of the anticipated 49.5 and…

18 Sep 2023

By Lonny Levine

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Economic Insights: Navigating Inflation, Mortgages, and Consumer Sentiment – 9/18/2023

Market OutlookFinancial Reports, Market Outlook, Mortgage Rates

Last week, we witnessed a mix of economic updates, encompassing various facets of the financial landscape, including inflation trends, consumer sentiment, and the weekly fluctuations in mortgage rates and unemployment claims. Inflation Sees a Modest Uptick in August On September 13th, the latest monthly inflation data was released, revealing a 0.3 percent increase in core inflation for August compared to July. This figure slightly exceeded the expected 0.2 percent rise and surpassed July's 0.2 percent increase. According to the Consumer Price Index, August recorded a year-over-year inflation rate of 3.7 percent. Zooming out for a broader perspective, inflation in the…

11 Sep 2023

By Lonny Levine

What’s Ahead For Mortgage Rates This Week – September 11, 2023

Financial ReportsFinancial Report, Jobless Claims, Mortgage Rates

Last week’s scheduled economic reporting was limited due to the U.S. Labor Day holiday on Monday. The Federal Reserve released its Beige Book report and weekly readings on mortgage rates and jobless claims were also published. Federal Reserve Releases Beige Book Report The Beige Book report is a summary of information supplied to Federal Reserve policymakers by their business and professional contacts. Highlights of September’s Beige Book report included: Accelerated leisure spending by consumers boosted economic growth during July and August. Non-essential retail sales slowed, but the economy was boosted by a final stage of post-COVID-19 pent-up demand. Prices for…