Mortgage Rates

Last week's economic news included releases from the National Association of Home Builders and releases from the Commerce Department on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims were also released. NAHB Housing Market Index Dips; Builder Sentiment Remains Strong Higher lumber costs were cited by the National Association of Home Builders as contributing to lower readings for the group's monthly Housing Market Index. July's reading was two points lower than May's index reading. The original May reading of 67 was adjusted to 66. Builders said that a steep tariff on Canadian lumber…

Inflation Rate Stays Flat in June Inflation was flat in June, but achieved a 0.00 percent reading as compared to May's – 0.10 percent reading. Analysts expected a June reading of +0.10 percent reading month-to-month. The Federal Open Market Committee of the Federal Reserve has established a benchmark reading of 2.00 percent inflation year-over-year as an indication of economic recovery. In recent months, the Fed has increased its target federal funds rate at each meeting of the FOMC. A slowdown in inflation and other economic indicators may cause the Fed to halt rate increases until conditions improve. Fed Chair Testifies…