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What’s Ahead For Mortgage Rates This Week – March 27, 2023

March 27, 2023 by Linda White

What's Ahead For Mortgage Rates This Week - March 27, 2023Last week’s financial and economic reporting included readings on sales of new and previously-owned homes, along with weekly data on mortgage rates and jobless claims.

Single-Family Home Sales Rise in February

Year-over-year sales of previously owned homes rose 14.5 percent to a seasonally-adjusted pace of 4.58 million sales. Analysts expected 4.20 million sales of pre-owned homes as compared to January’s year-over-year reading of 4.0 million sales. February’s increased sales halted 12 months of falling sales of previously-owned homes. February’s reading marked the highest pace of sales since July 2020, when sales of pre-owned homes rose by 22.40 percent.

The National Association of Realtors® said that February’s reading represented the largest increase in existing home sales since the inception of reporting sales of previously-owned homes in 1999. The median sale price of existing homes was $363,000 in February. There was a 2.6-month supply of homes available in February.

February sales of new single-family homes rose to 640,000 sales from January’s reading of 633,000 sales. While analysts said that a brief lull in climbing mortgage rates contributed to increased home sales, new home sales remained 22.60 percent lower than in February 2021.

FOMC Statement: Fed Strives to Hold Inflation in Check, Mortgage Rates Fall

The Federal Reserve’s Federal Open Market Committee released the minutes of its March meeting; the Committee voted to raise its key interest rate range to 4.75 to 5.00 percent; the Committee reaffirmed its goal of returning inflationary growth to two percent. Fed Chair Jerome Powell said that the Fed was planning to continue rate hikes before the failure of Silicon Valley Bank. Chairman Powell said the bank’s failure forced Fed policymakers to consider a halt to interest rate hikes.

Freddie Mac reported lower average mortgage rates as the rate for 30-year fixed-rate mortgages fell by 18 basis points to 6.42 percent. The average rate for 15-year fixed-rate mortgages fell by 22 basis points to 5.68 percent. Initial jobless claims fell slightly to 191,000 claims as compared to the previous week’s reading of 192,000 first-time claims filed. Continuing jobless claims rose to 1.69 million claims filed from the prior week’s reading of 1.68 million ongoing claims filed.

What’s Ahead

This week’s scheduled economic reports include readings on home prices, inflation, and consumer sentiment. Weekly reports on mortgage rates and jobless claims will also be released.

Filed Under: Financial Reports Tagged With: Financial Report, Home Sales, Mortgage Rates

What’s Ahead For Mortgage Rates This Week – March 20, 2023

March 20, 2023 by Linda White

What's Ahead For Mortgage Rates This Week - March 20, 2023Last week’s economic reporting included readings on housing starts and building permits issued, the National Association of Home Builders Housing Market Index, and Fed Chair Janet Yellen’s Senate testimony. The Commerce Department reported on housing starts and building permits issued published, and a monthly reading on consumer sentiment was published. Weekly reports on mortgage rates and jobless claims were also released.

Two bank failures instill fear in depositors

In the aftermath of two bank failures last week,  US Treasury Secretary Janet Yellen said that “the banking system is sound” during testimony to the US Senate last Thursday. When asked if federal protection could be extended to deposit accounts exceeding $250,000, Secretary Yellen replied that such action would “require approval from super majorities of the Boards of the Federal Reserve, the FDIC.and consultation between the Treasury Secretary and the president to determine that failure to protect uninsured depositors would create system risk and significant economic and financial consequences.”

NAHB: home builder confidence in US housing market improves

The National Association of Home Builders reported that its Housing Market Index for March increased by two points to an index reading of 44. Home builders expected a reading of 40 and the February HMI reading was 42. Readings below 50 indicate that most home builders surveyed were not confident about current housing market conditions.

The Commerce Department reported that housing starts exceeded expectations in February with 1.45 million starts reported as compared to the expected reading of 1.31 million starts and January’s reading of 1.32 million starts. Building permits issued also rose in February with 1.52 million permits issued as compared to expectations of 1.34 million permits issued and January’s reading of 1.34 million building permits issued.

Mortgage rates, jobless claims fall

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by 13 basis points to 6.60 percent. Rates for 15-year fixed-rate mortgages fell by five basis points to an average rate of 5.90 percent.

Initial jobless claims were also lower with 192,000 first-time claims filed as compared to the prior week’s reading of 212,000 claims filed. 1.68 million continuing jobless claims were filed as compared to 1.71 million ongoing claims filed in the previous week. 

What’s ahead

This week’s scheduled economic reporting includes readings on sales of new and previously-owned homes, the post-meeting statement from the Federal Open Market Committee, and Federal Reserve Chair Jerome Powell’s post-meeting press conference. Weekly readings on mortgage rates and jobless claims will also be published.

Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

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Linda White - Knapp Realty

Linda White

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Robert J White

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Linda & Robert White
Whites House Team at Knapp Realty


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Henderson, NV 89015


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