Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.
Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.
Mortgage rates fell after Federal Reserve policymakers decided not to raise the Fed’s target federal funds rate. The Federal Open Market Committee cited ongoing concerns over global financial and economic developments and slow jobs growth as factors in its decision not to raise rates. Fed Chair Janet Yellen emphasized the committee’s decision-making process is not predetermined and said that ongoing review of current and developing news is significant to monetary policy decisions.
Last week’s economic news was highlighted by Fed Chair Janet Yellen’s speech in Philadelphia. Although Chair Yellen alluded to future Fed rate hikes, she did not specify when Fed policymakers would next raise the target federal funds rate.
Last week’s economic reports included new home sales, pending home sales along with weekly mortgage rates and new jobless claims.
Last week’s economic news included the NAHB Housing Market Index, reports on housing starts, building reports and existing home sales. Minutes of the Federal Reserve’s last FOMC meeting were also released.
If you’ve been paying attention to the mortgage rate news, you may be wondering exactly how it is banks decide what mortgage rates to offer. Do they just pick a number at random? Mortgage rates may seem somewhat arbitrary, but there’s actually something of a science to them.
So how does your bank or lender determine what your interest rate will be? Here are just some of the factors that go into the equation.
The National Association of Home Builders reported that home builder confidence in the U.S. housing market conditions held steady for the fourth consecutive month in May. Builder confidence stayed at a reading of 58, which was the number expected by analysts and was also the reading for April. Analysts said that the consistency in readings signified expansion in housing markets. Any reading over 50 indicates that more builders than not are confident about market conditions.
Last week’s economic news included reports on retail sales and consumer sentiment along with weekly releases on new jobless claims and mortgage rates.
Mortgage rates fell across the board last week according to Freddie Mac’s Primary Mortgage Market Survey. Other economic news included reports on construction spending, public and private sector employment and national unemployment.
Last week’s economic releases included Existing Home Sales, Commerce Department Releases on Housing Starts and Building Permits and the National Association of Home Builders/Wells Fargo Housing Market Index. Mortgage rates and new jobless claims were released according to their weekly schedule.
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