Whites House Team

  • Home
  • About Us
  • Blog
  • Our Listings
  • Buyer/Seller Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • CIPS
  • Contact Us

What’s Ahead For Mortgage Rates This Week – January 30, 2023

January 30, 2023 by Linda White

What's Ahead For Mortgage Rates This Week - January 30, 2023Last week’s economic reporting included readings on new and pending home sales, inflation, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

New home sales increase in December

The Commerce Department reported new home sales rose to a seasonally-adjusted annual pace of 616,000 sales in December as compared to the expected pace of 615,000  new homes sales and November’s revised reading of 602,000 annual sales. December was the third consecutive month that the pace of new home sales rose, but new home sales remained well below the 1.04 million sales peak reported in August 2020.

Pending home sales rose by 2.5 percent in December, which outpaced expectations of a one percent decrease in pending sales and November’s seasonally-adjusted annual decrease of  -2.6 percent in pending home sales. New home sales are 26.6 percent lower than they were one year ago.

Month-to-month inflation slows in December

The Commerce Department reported that month-to-month inflation rose by 0.1 percent in  December, which matched November’s month-to-month reading. Core inflation rose by 0.1 percent in December to 0.3 percent and matched analyst expectations. Core inflation readings exclude volatile food and fuel sectors that comprise major expenses for many U.S. households.

Year-over-year inflation rose by 5.0 percent in December as compared to November’s pace of 5.5 percent. Core inflation rose  4.4 percent in December, which matched analyst expectations, but fell short of November’s year-over-year reading of 4.7 percent for core inflation.

Mortgage rates, initial jobless claims fall

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by two basis points to 6.13 percent. The average rate for 15-year fixed-rate mortgages fell by 11 basis points to 5.17 percent.

First-time jobless claims fell to 186,000 filings as compared to the expected reading of 205,000 initial jobless claims and the previous week’s reading of 192,000 new jobless claims filed. Continuing jobless claims rose to 1.68 million ongoing claims as compared to the previous week’s reading of 1.66 million continuing jobless claims filed.

Consumer sentiment strengthens in January

The University of Michigan’s Consumer Sentiment Index rose to an index reading of 64.9 in January, which surpassed the expected reading of 64.6 and December’s final index reading of 64.6. Readings over 50 indicate that a majority of consumers surveyed have a positive outlook on the economy. Falling gasoline prices contributed to an improved consumer outlook, but grocery prices remained high.

What’s ahead

This week’s scheduled economic reporting includes readings on U.S. home prices, The Federal Reserve’s Federal Open Market Committee meeting, and Fed Chair Jerome Powell’s scheduled press conference. Labor-sector reports on job growth and the national unemployment rate will also be released.

Filed Under: Financial Reports Tagged With: Case Shiller, Financial Report, Jobless Claims

Linda White - Knapp Realty

Linda White

Call (702) 301-0648
NV - BS.0143690

Robert J White

NV - S.0056824

Knapp Realty
Search for Homes →

Questions about Short Sales?

What's my home worth?

Property Search

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Connect with Us!

Hablamos Español!


日本語でどうぞ!

Categories

Equal Housing Opp

Looking For Something?

Quick Links

  • About Us
  • Accessibility Statement
  • Blog
  • Contact Us

Our Location

Linda & Robert White
Whites House Team at Knapp Realty


39 E Basic Rd.
Henderson, NV 89015


Direct (702) 301-0647 Cell (702) 301-0648 Fax 855-975-3237

Copyright © 2023 · Powered by MySMARTblog