17
Dec
By
Market Outlook, ,

Federal Reserve Raises Short-Term Interest Rates

After prolonged speculation by economic analysts and news media, the Federal Open Market Committee of the Federal Reserve raised short-term interest rates for the first time in seven years. Committee members voted to raise the target federal funds rate to a range of 0.25 to 0.50 percent from a range of 0.00 to 0.25 percent to be effective December 17. The good news about the Fed's decision is that the Central Bank had enough confidence in improving economic conditions to warrant its decision. But how will the Fed's decision affect mortgage rates?December's FOMC statement cited improving job markets, increased consumer…
Read More
14
Dec
By
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – December 14, 2015

Last week's scheduled economic releases included reports on job openings, retail sales and consumer confidence in addition to usual weekly releases on mortgage rates and new jobless claims. The details: According to the U.S. Labor Department, job openings were down 2.70 percent in October to a reading of 5.38 million as compared to September's reading of 5.50 million job openings and the all-time high reading of 5.67 million job openings in July. October's reading was the third highest since the recession ended in 2009. Analysts said that a gap between job skills sought by employers and job skills applicants bring…
Read More
07
Dec
By
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – December 07, 2015

Multiple economic reports released last week indicate further improvement in economic conditions. Pending home sales, construction spending and ADP payrolls increased while Non-farm Payrolls fell and the national unemployment rate held steady. The details: Pending Home Sales, Construction Spending Increase According to the Commerce Department, pending home sales increased by 0.20 percent in October as compared to September's reading of -2.30 percent. Construction spending of 1.00 percent for October exceeded September's reading of 0.60 percent growth and expectations that October's reading would hold steady with a growth rate of 0.60 percent. Increased construction spending suggests that home builders may increase…
Read More