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

February 6, 2023 by George Duarte

What's Ahead For Mortgage Rates This Week - February 6, 2023Last week’s economic reporting included readings on home price growth from S&P Case-Shiller and the Federal Housing Finance Administration. Monthly reports on job growth and unemployment were released by the federal government and ADP. Weekly readings on mortgage rates and jobless claims were also released.

S&P Case-Shiller HPI: Home Prices Drop in November

S&P Case-Shiller Home Price Indices revealed that U.S. home prices fell for the fifth consecutive month in November. The National Home Price Index fell by -3.1 percent year over year in November as compared to a positive reading of 2.8 percent home price growth in October. Miami, Florida, Tampa, Florida, and Atlanta, Georgia held the top three places in the 20-City Home Price Index. Detroit, Michigan was the only city to post a positive reading for home price growth in November’s 20-City Home Price Index.

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported that prices of homes owned or financed by the two government-sponsored enterprises fell by 0.10 percent in November. Analysts expect that home prices will continue to fall in the coming months.

Mortgage Rates and Jobless Claims

Average fixed mortgage rates fell last week. Freddie Mac reported that the rate for 30-year fixed-rate mortgages fell by four basis points to 6.09 percent. Rates for 15-year fixed-rate mortgages fell by three basis points to 5.14 percent.

183,000 first-time jobless claims were filed as compared to the expected reading of 195,000 new jobless claims and the previous week’s reading of 186,000 first-time jobless claims filed. 1.66 million continuing jobless claims were filed as compared to the previous week’s reading of 1.67 million ongoing jobless claims filed.

Public and Private Sector Job Growth

The federal government’s Non-Farm payrolls report for January posted 517,000 jobs added as compared to the expected reading of 187,000 jobs added and December’s reading of 260,000 jobs added.ADP reported 106,000 private-sector jobs added in January as compared to expectations of 190,000 jobs added and December’s reading of 253,000 private-sector jobs added.

The national unemployment rate for January was 3.4 percent; analysts expected an unemployment rate of 3.6 percent and December’s unemployment rate was 3.5 percent. 

What’s Ahead

This week’s scheduled economic news includes readings on consumer sentiment, inflation, and weekly readings on mortgage rates and jobless claims.

Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

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

January 30, 2023 by George Duarte

What's Ahead For Mortgage Rates This Week - January 30, 2023Last week’s economic reporting included readings on new and pending home sales, inflation, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

New home sales increase in December

The Commerce Department reported new home sales rose to a seasonally-adjusted annual pace of 616,000 sales in December as compared to the expected pace of 615,000  new homes sales and November’s revised reading of 602,000 annual sales. December was the third consecutive month that the pace of new home sales rose, but new home sales remained well below the 1.04 million sales peak reported in August 2020.

Pending home sales rose by 2.5 percent in December, which outpaced expectations of a one percent decrease in pending sales and November’s seasonally-adjusted annual decrease of  -2.6 percent in pending home sales. New home sales are 26.6 percent lower than they were one year ago.

Month-to-month inflation slows in December

The Commerce Department reported that month-to-month inflation rose by 0.1 percent in  December, which matched November’s month-to-month reading. Core inflation rose by 0.1 percent in December to 0.3 percent and matched analyst expectations. Core inflation readings exclude volatile food and fuel sectors that comprise major expenses for many U.S. households.

Year-over-year inflation rose by 5.0 percent in December as compared to November’s pace of 5.5 percent. Core inflation rose  4.4 percent in December, which matched analyst expectations, but fell short of November’s year-over-year reading of 4.7 percent for core inflation.

Mortgage rates, initial jobless claims fall

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by two basis points to 6.13 percent. The average rate for 15-year fixed-rate mortgages fell by 11 basis points to 5.17 percent.

First-time jobless claims fell to 186,000 filings as compared to the expected reading of 205,000 initial jobless claims and the previous week’s reading of 192,000 new jobless claims filed. Continuing jobless claims rose to 1.68 million ongoing claims as compared to the previous week’s reading of 1.66 million continuing jobless claims filed.

Consumer sentiment strengthens in January

The University of Michigan’s Consumer Sentiment Index rose to an index reading of 64.9 in January, which surpassed the expected reading of 64.6 and December’s final index reading of 64.6. Readings over 50 indicate that a majority of consumers surveyed have a positive outlook on the economy. Falling gasoline prices contributed to an improved consumer outlook, but grocery prices remained high.

What’s ahead

This week’s scheduled economic reporting includes readings on U.S. home prices, The Federal Reserve’s Federal Open Market Committee meeting, and Fed Chair Jerome Powell’s scheduled press conference. Labor-sector reports on job growth and the national unemployment rate will also be released.

Filed Under: Financial Reports Tagged With: Case Shiller, Financial Report, Jobless Claims

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