29
Apr
By
Financial Reports, ,

Fed Holds Steady on Federal Funds Rate

In its post-meeting statement, the Federal Open Market Committee (FOMC) of the Federal Reserve announced its decision not to raise the current federal funds rate of 0.25 to 0.50 percent. Although FOMC members acknowledged further improvement in the U.S. economy and jobs markets, the committee cited the following as influencing its decision not to raise the current federal funds rate: Household income continued to rise, but consumers have "moderated" their spending. Inflation is expected to remain below the Fed's goal of two percent in the near term. Temporary influences including low energy and import prices are expected to ease. FOMC…
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22
Apr
By
Financial Reports, ,

Existing Home Sales Jump, Builder Confidence Holds Steady

Home buyers kicked the spring home shopping season into gear and boosted sales of pre-owned homes in March. Existing home sales rose 5.10 percent in March according to the National Association of Realtors®. 5.33 million pre-owned homes were sold in March against expectations of 5.30 million sales and February's reading of 5.07 million sales on a seasonally adjusted annual basis. Demand for homes remains strong in spite of rapidly escalating prices in many areas. Short supplies of available homes continue to drive demand and home prices. Sales rose only 1.50 percent year-over-year, but during the first quarter of 2016, existing…
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18
Apr
By
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – April 18, 2016

Last week's scheduled economic releases included reports on retail sales, inflation and the Federal Reserve's Beige Book report. Weekly reports on mortgage rates and new jobless claims were also released. The Consumer Financial Protection Bureau announced a limited program for reducing principal on eligible mortgages held by Fannie Mae and Freddie Mac. This program is intended to resolve remaining "underwater" mortgages on homes worth less than their current mortgage amounts. Retail Sales Fall, Inflation Rises Retail sales fell in March to close out a weaker than expected first quarter 2016. Retail sales fell 0.30 percent in March as compared to…
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