Last week’s economic news included readings on sales of new and previously owned homes. Despite expectations of lower sales in both categories, sales surpassed expectations and April sales. Analysts were concerned about extremely tight inventories of available homes limiting home sales and did not expect May home sales to increase.
Last week’s economic reports included readings on inflation, core inflation, and the Federal Reserve’s FOMC statement. The NAHB Housing Market Index, housing starts and building permits issued were also released, along with weekly readings on mortgage rates and new jobless claims.
Last week’s economic news was slim, with few scheduled reports released. Job openings for April, along with weekly readings on mortgage rates and weekly jobless claims were released. Job openings rose in April, while weekly jobless claims were lower. The headline event last week was a further decrease in fixed-rate mortgage interest rates.
Last week’s economic releases included readings on inflation, core inflation pending home sales and multiple reports from the labor sector. Weekly readings on mortgage rates and new jobless claims were also released. Pending home sales were lower and weekly jobless claims rose, which illustrates continued volatility in the economic sector.
Sales of new and previously owned homes were lower in April after reaching near-record levels in March. Mortgage rates were lower last week and new jobless claims were little changed.
Last week’s economic reports included readings from the National Association of Home Builders, Commerce Department readings on housing starts and building permits and weekly reports on mortgage rates and new jobless claims.
Last week’s economic reports included readings on inflation and core inflation, retail sales and consumer sentiment. Weekly reports on new jobless claims and mortgage rates were also released.
Last week’s economic news included readings on construction spending, the post-meeting statement by the Fed’s Open Market Committee and labor-related reports including ADP payrolls, Non-farm payrolls and the national unemployment rate. Weekly readings on new jobless claims and mortgage rates were also released.
Last week’s economic news included readings on Case-Shiller Home Prices Indices, new and pending home sales. Weekly readings on new jobless claims and average mortgage rates were also released. Case-Shiller reported that home prices rose by 0.20 percent from January to February with a year-over- year growth rate of 5.80 percent.
Mortgage rates fell below three percent according to Freddie Mac. The average rate for a 30-year fixed rate mortgage dropped from 4.08 percent to 3.97 percent; the average rate for a 15-year fixed rate mortgage fell by nine basis point from 3.34 percent to 3.23 percent. The average rate for a 5/1 adjustable rate mortgage was eight basis points lower at 3.10 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for a 5/1 adjustable rate mortgage. Lower mortgage rates are good news for home buyers challenged by rapidly rising home prices based on high demand and low supplies of homes for sale.
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