Last week’s economic reporting included readings and forecasts on inflation and the University of Michigan’s preliminary consumer sentiment survey. Weekly readings on mortgage rates and jobless claims were also released.
 
Inflation Reports: Mixed Results for April
 
Commerce Department readings on consumer inflation showed mixed results in April; the Consumer Price Index dropped to 0.30 percent growth from the March reading of 1.20 percent inflation. Analysts expected 0.30 percent growth from March to April. 

The Core Consumer Price Index, which excludes volatile food and fuel sectors, rose by 0.60 percent in April as compared to the March reading of 0.30 percent growth. Analysts expected April’s reading for the Core Consumer Price Index to rise by 0.40 percent.

Year-over-year inflation dipped to 8.30 percent in April as compared to the March reading of 8.50 percent. This was the first decline in eight months and was caused by lower fuel prices. Analysts expected a year-over-year inflation rate of 8.10 percent for April. 

The year-over-year reading for the Core CPI, which excludes food and fuel sectors, showed  6.20 percent growth as compared to the March reading of 6.40 percent. The University of Michigan forecasted an inflation rate of 3.00 percent in the next five years.
 
Mortgage Rates, Jobless Claims Mixed
 
Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by three basis points to 5.30 percent; the average rate for 15-year fixed-rate mortgages fell by four basis points to 4.48 percent. 

The average rate for 5/1 adjustable-rate mortgages rose by two basis points to 3.98 percent. Discount points averaged 0.90  percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable-rate mortgages.

First-time jobless claims rose to 203,000 new claims filed last week as compared to 202,000 initial claims filed in the prior week. Continuing jobless claims were lower last week with 1.34 million ongoing claims filed; 1.39 million claims were filed during the prior week.
​
The University of Michigan released the preliminary edition of its Consumer Sentiment Index for May; consumer sentiment dropped to an index reading of 59.10 percent for May as compared to April’s reading of 65.20 percent. The war in Ukraine and high fuel prices continued to contribute to consumer skepticism about current economic conditions.
 
What’s Ahead for the Week of May 23, 2022
 
This week’s scheduled economic reports include homebuilder readings on housing market conditions, Commerce Department reports on building permits issued and housing starts are also scheduled. The National Association of Realtors® will release data on sales of previously-owned single-family homes. Weekly readings on mortgage rates and jobless claims will also be released.

Cheers!

Scott Synovic
Fairway Independent Mortgage Corporation
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / Fairway Independent Mortgage Corporation NMLS: 2289
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reporting included readings and forecasts on inflation and the University of Michigan’s preliminary consumer sentiment survey. Weekly readings on mortgage rates and jobless claims were also released.

Inflation Reports: Mixed Results for April

Commerce Department readings on consumer inflation showed mixed results in April; the Consumer Price Index dropped to 0.30 percent growth from the March reading of 1.20 percent inflation. Analysts expected 0.30 percent growth from March to April. The Core Consumer Price Index, which excludes volatile food and fuel sectors, rose by 0.60 percent in April as compared to the March reading of 0.30 percent growth. Analysts expected April’s reading for the Core Consumer Price Index to rise by 0.40 percent.

Year-over-year inflation dipped to 8.30 percent in April as compared to the March reading of 8.50 percent. This was the first decline in eight months and was caused by lower fuel prices. Analysts expected a year-over-year inflation rate of 8.10 percent for April. The year-over-year reading for the Core CPI, which excludes food and fuel sectors, showed  6.20 percent growth as compared to the March reading of 6.40 percent. The University of Michigan forecasted an inflation rate of 3.00 percent in the next five years.

Mortgage Rates, Jobless Claims Mixed

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by three basis points to 5.30 percent; the average rate for 15-year fixed-rate mortgages fell by four basis points to 4.48 percent. The average rate for 5/1 adjustable-rate mortgages rose by two basis points to 3.98 percent. Discount points averaged 0.90  percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable-rate mortgages.

First-time jobless claims rose to 203,000 new claims filed last week as compared to 202,000 initial claims filed in the prior week. Continuing jobless claims were lower last week with 1.34 million ongoing claims filed; 1.39 million claims were filed during the prior week.

The University of Michigan released the preliminary edition of its Consumer Sentiment Index for May; consumer sentiment dropped to an index reading of 59.10 percent for May as compared to April’s reading of 65.20 percent. The war in Ukraine and high fuel prices continued to contribute to consumer skepticism about current economic conditions.

What’s Ahead for the Week of May 16, 2022

This week’s scheduled economic reports include homebuilder readings on housing market conditions, Commerce Department reports on building permits issued and housing starts are also scheduled. The National Association of Realtors® will release data on sales of previously-owned single-family homes. Weekly readings on mortgage rates and jobless claims will also be released.

Cheers!

Scott Synovic
Fairway Independent Mortgage Corporation
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / Fairway Independent Mortgage Corporation NMLS: 2289
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

​Last week’s scheduled economic reports included readings on construction spending, the Federal Reserve’s Federal Open Market Committee statement, and the Fed Chair’s press conference. Readings on public and private-sector jobs growth and the national unemployment rate were released along with weekly readings on mortgage rates and jobless claims.

Construction Spending Slows in March, Fed Raises Key Rate

Construction spending fell in March according to the Commerce Department. Spending increased by 0.10 percent as compared to the expected reading of 0.80 percent and February’s reading of 0.50 percent. Less construction spending could indicate a slowdown in building as builders face rising operations and materials costs. 

The Federal Reserve’s Federal Open Market Committee initially considered raising the federal rate to 0.75 percent, but Fed Chair Jerome Powell vetoed that option, and committee members agreed to raise the federal funds rate to 0.50 percent. This increase was the highest in more than 20 years.

Chair Powell said in his post-meeting press conference that he wanted to address the American people and that inflation was too high. “We understand the hardship it’s causing and we’re moving expeditiously to bring it back down. We have the tools we need and the resolve that it will take to restore price stability on behalf of American families and businesses.” Mr. Powell declined to identify a specific number defining the Fed’s goal of achieving a “neutral” average interest rate.

Mortgage Rates Rise, Jobless Claims Data Mixed

Freddie Mac reported higher mortgage rates as the average rate for 30-year fixed-rate mortgages rose by 17 basis points to 5.27 percent; rates for 15-year fixed-rate mortgages averaged 4.52 percent and 12 basis points higher than in the prior week. Rates for 5/1 adjustable-rate mortgages averaged 3.96 percent and 18 basis points higher. Discount points for 30-year fixed-rate mortgages averaged 0.90 percent and 0.80 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable-rate mortgages averaged 0.20 percent.

New jobless claims rose to 200,000 initial claims filed last week as compared to 181,000 new claims filed in the prior week. Analysts expected a reading of 182,000 new claims filed. Fewer continuing jobless claims were filed last week with 1.38 million claims filed as compared to the prior week’s reading of 1.40 million ongoing jobless claims filed.

The economy added 428,000 public and private-sector jobs in April; the national unemployment rate was unchanged at 3.60 percent. 

What’s Ahead for the Week of May 9, 2022

This week’s scheduled economic reporting includes readings on inflation and the University of Michigan’s consumer sentiment index. Weekly readings on mortgage rates and jobless claims will also be released.

Cheers!

Scott Synovic
Fairway Independent Mortgage Corporation
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / Fairway Independent Mortgage Corporation NMLS: 2289
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reporting included the National Association of Home Builders Housing Market Index, government readings on housing starts and building permits, and data on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims were also released.

NAHB: Builder Confidence in Housing Market Conditions Slips by Two Points

Homebuilder confidence fell by two points to an index reading of 77 in April and was the lowest reading since September. Analysts expected this dip as mortgage rates and building materials costs continued to rise. Index readings over 50 indicate that most builders have positive views of housing market conditions. Index readings haven’t fallen below 50 since the beginning of the pandemic in April and May of 2020.

Robert Dietz, the chief economist for the NAHB, said: “The housing market faces an inflection point as an unexpectedly quick rise in interest rates, rising home prices, and escalating materials costs have significantly decreased housing affordability conditions, particularly in the crucial entry-level market.”

Analysts viewed the combined impact of rising home prices and mortgage rates as obstacles to affordability that would disproportionately affect first-time and moderate-income homebuyers.

Building permits held steady in March with 1.87 million permits issued at a seasonally-adjusted annual pace; analysts expected a reading of 1.82 million building permits issued. Likewise, housing starts were unchanged in March from February’s seasonally-adjusted annual pace of 1.79 million housing starts. Analysts predicted a reading of 1.73 million housing starts.

The National Association of Realtors® reported a slower pace of sales for previously-owned homes in March.5.77 million pre-owned homes were sold on a seasonally-adjusted annual pace as compared to a seasonally adjusted annual pace of 5.93 million previously-owned homes sold in February. Rising mortgage rates and home prices sidelined some first-time and moderate-income buyers and caused sales of previously-owned homes to fall.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported that the average rate for 30-year fixed-rate mortgages surpassed five percent last week at 5.11 percent. The average rate for 15-year fixed-rate mortgages rose by 21 basis points to 4.38 percent. Rates for 5/1 adjustable rate mortgages rose by six basis points on average to 3.75 percent. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Initial jobless claims fell last week with 184,000 first-time claims filed as compared to 186,000 initial claims filed in the previous week. Continuing jobless claims were also lower with 1.42 million claims filed last week as compared to the prior week’s reading of 1.45 million continuing jobless claims filed. 

What’s Ahead for the Week of April 25, 2022

This week’s scheduled economic reports include readings on home prices, new and pending home sales, and reports on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published. 
​
Cheers!

Scott Synovic
Fairway Independent Mortgage Corporation
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / Fairway Independent Mortgage Corporation NMLS: 2289
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reporting included readings on monthly and year-over-year inflation and the preliminary reading on consumer sentiment from the University of Michigan. Weekly readings on mortgage rates and jobless claims were also released.

Gas Prices Drive High Inflation in March

Consumers felt near-record pain at the pump in March as gas prices continued to rise. Month-to-month inflation increased by 1.20 percent in March as compared to February’s month-to-month inflation rate of 0.80 percent. Analysts expected inflation to rise by 1.10 percent in March. The extent of rapidly rising gasoline prices on inflation is evident when comparing readings for the Consumer Price Index and the Core Consumer Price Index, which excludes food and fuel prices. The month-to-month Core Consumer Price Index reading for March was 0.30 percent; analysts predicted a reading of 0.50 percent growth, which matched February’s reading.

Year-over-year Consumer Price Index readings showed 8.50 percent inflation, which exceeded the expected reading of 8.40 percent, and February’s year-over-year reading of 7.90 percent growth in inflation. The year-over-year core   Consumer Price Index rose to 6.50 percent in March and matched analyst expectations based on February’s year-over-year core inflation reading of 6.40 percent.

Mortgage Rates, New Jobless Claim Rise

Freddie Mac reported the average rate for 30-year fixed-rate mortgages rose by 28 basis points to 5.00 percent last week; rates for 15-year fixed-rate mortgages averaged 4.17 percent and were 26 basis points higher on average. Rates for 5/1 adjustable rate mortgages averaged 3.16 percent and averaged 13 basis points higher than in the previous week. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages, and 0.90 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

First-time jobless claims rose to 185,000 new claims filed, which surpassed expectations of 172,000 new claims filed and the previous week’s reading of 167,000 new jobless claims filed. 1.48 million ongoing jobless claims were filed as compared to the previous week’s reading of 1.52 continuing jobless claims filed.

The University of Michigan released its Consumer Sentiment Index for April with an index reading of 65.7 as compared to the expected index reading of 64.1 and the March index reading of 59.4.

What’s Ahead for the Week of April 18, 2022

This week’s scheduled economic reporting includes readings from the National Association of Home Builders on housing markets, federal government readings on housing starts, and building permits issued. Weekly reporting on mortgage rates and jobless claims will also be released.

Cheers!

Scott Synovic
Fairway Independent Mortgage Corporation
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / Fairway Independent Mortgage Corporation NMLS: 2289
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s financial and economic reporting included readings from S&P Case-Shiller Home Price Indices, the  Federal Housing Finance Agency and the federal government reported on construction spending. Reports on public and private-sector jobs growth and the national unemployment rate were also published along with weekly readings on mortgage rates and jobless claims.

S&P Case-Shiller: Home Price Growth Expected to Slow in 2022

National home prices grew by 19.20 percent year-over-year in January as compared to December’s year-over-year pace of 18.90 percent according to the monthly S&P Case-Shiller National Home Price Index. The 20-City Home Price Index revealed no change in the metro areas holding the top three spots for home price growth. Phoenix, Arizona topped the list with year-over-year home price growth of  32.60 percent; Tampa, Florida followed with a year-over-year home price growth of 30.8 percent, and Miami, Florida reported year-over-year home price growth of 28.10 percent. Analysts expect home price growth to slow in 2022 and into 2023. Affordability concerns and rising mortgage rates sidelined first-time and modest-income buyers in high-demand metro areas where multiple offers and cash buyers competed with buyers financing their home purchases.

In separate reporting, the Federal Housing Finance Agency also reported higher home price growth for single-family homes owned by Fannie Mae and Freddie Mac. Year-over-year home prices grew by 18,20 percent in January as compared to December’s home price growth rate of  17.70 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by 25 basis points to 4.67 percent. Rates for 15-year fixed-rate mortgages averaged 3.83 percent and 20 basis points higher than in the previous week. 5/1 adjustable-rate mortgages averaged 3.50 percent and were 14 basis points higher on average. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Initial jobless claims rose last week with 202,000 new claims filed; analysts expected 195,000 new claims and 188,000 new claims were filed in the previous week. Continuing jobless claims fell with 1.31 million ongoing claims filed as compared to 1.34 million continuing jobless claims filed in the previous week.

Construction Spending, Jobs Growth Fall in February

The Commerce Department reported less construction spending in February than in  January. Spending rose by 0.50 percent as compared to the expected reading of 1.0 percent and January’s construction spending growth of 1.60 percent.

The federal government’s Non-Farm Payrolls report indicated that 431,000 public and private-sector jobs were added in March as compared to the expected reading of 490, 000 jobs and February’s reading of 750,000 jobs added. ADP reported 455,000 private-sector jobs added in March as compared to an expected reading of 450,000 jobs added and 486,000 private-sector jobs added in February. The national unemployment rate dropped from 3.80 percent to 3.60 percent in March.

What’s Ahead for the week of April 4, 2022

This week’s scheduled economic reporting includes the release of the Federal Open Market Committee’s minutes from its last meeting and weekly readings on mortgage rates and jobless claims.

Cheers!

Scott Synovic
Fairway Independent Mortgage Corporation
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / Fairway Independent Mortgage Corporation NMLS: 2289
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reporting included month-to-month and year-over-year readings on inflation. The University of Michigan released its monthly consumer sentiment index; weekly readings on mortgage rates and jobless claims were also published.

Inflation Reports: No Good News for Consumers

The war in Ukraine increased inflation rates in the U.S in February as costs for fuel, food and housing continued to rise. The federal government reported that month-to-month inflation rose by 0.80 percent in February; analysts expected a month-to-month increase of 0.70 percent as compared to January’s reading of 0.60 percent.

Core inflation, which excludes volatile food and energy sectors, rose by 0.50 percent in February and matched expectations. January’s month-to-month rate for core inflation was 0.60 percent and was the highest reading for month-to-month core inflation since 1981. 

Analysts reported that high inflation was impacting low and moderate-income Americans more as rapidly rising costs for housing, food, and fuel rose faster than wages for most.

Year-over-year inflation rose by 7.90 percent in February as compared to January’s reading of 7.50 percent. Core inflation rose at a year-over-year pace of 6.40 percent in February and surpassed January’s core reading of 6.00 percent. Core inflation readings exclude volatile food and fuel sectors.

Mortgage Rates, Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages increased by nine basis points to 3.85 percent. Rates for 15-year fixed-rate mortgages averaged 3.09 percent and were eight basis points higher than in the previous week. 

The average rate for 5/1 adjustable rate mortgages was six basis points higher at 2.97 percent. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30  percent for 5/1 adjustable rate mortgages.

Last week’s initial jobless claims rose to 217,000 new claims filed as compared to 216,000 first-time claims filed in the previous week. Analysts expected initial jobless claims filed last week to match the previous week’s reading of 216,000 first-time claims filed.  Continuing jobless claims rose to 1.49 million claims filed as compared to the prior week’s reading of 1.47 million ongoing claims filed.

The University of Michigan’s Consumer Sentiment Survey reflected consumer concerns over inflation and the potential economic impacts of the Ukraine war. The March index reading of 59.7 was lower than February’s reading of 62.8 and the expected index reading of 62.0. Index readings over 50 indicate that most consumers are confident about economic conditions.

What’s Ahead for the Week of March 14, 2022

This week’s scheduled economic news includes readings on US housing markets, the Federal Reserve’s statement on interest rates, and the Federal Reserve chairman’s press conference. Data on building permits, housing starts, and sales of previously-owned homes will also be released. Weekly reports on mortgage rates and jobless claims will also be published.
​
Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reports included readings on construction spending and labor-related reports on jobs and the national unemployment rate. Weekly data on mortgage rates and jobless claims were also published.

Residential Construction Spending Falls in January

The Commerce Department reported overall construction spending rose by 1.30 percent in January, which was the largest increase since April of last year. Private residential construction spending fell by 0.30 percent in January; this was the sixth consecutive month for declining private-sector residential construction spending.

Analysts cited costly building materials, fewer available options for prospective buyers, and higher mortgage rates as factors contributing to less construction spending. Home buying traditionally slows during the winter months.

Mortgage Rates Little Changed, Jobless Claims Fall

Freddie Mac reported little change in average mortgage rates last week as the rate for 30-year fixed-rate mortgages remained unchanged at 3.55 percent. Rates for 15-year fixed-rate mortgages averaged 2.77 percent and three basis points lower than for the previous week. The average rate for 5/1 adjustable rate mortgages rose one basis point to 2.71 percent on average. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages, 0.70 percent for 15-year fixed-rate mortgages, and 0.30 percent for 5/1 adjustable rate mortgages.

Initial jobless claims were lower last week with 238,000 first-time claims filed as compared to the prior week’s reading of 261,000 first-time claims filed. Analysts predicted 245,000 new claims would be filed. Continuing jobless claims were also lower with 1.63 million ongoing claims filed as compared to the prior week’s reading of 1.67 million continuing jobless claims filed.

Labor Reports Show Slower Jobs Growth, Unemployment Rate Ticks Up

ADP Payrolls reported 301,000 fewer private-sector jobs open in January as compared to 776,000 private-sector jobs available in December. Analysts expected 200,000 private-sector job openings in January. The government’s Non-Farm Payrolls report showed 467,000 jobs added in January as compared to the expected reading of 150,000 jobs added and December’s reading of 510,000 public and private-sector jobs added. Hiring in December was higher than expected as analysts predicted less hiring due to the ongoing spread of the omicron variant of COVID-19.

The national unemployment rate rose to 4.00 percent in January as compared to December’s reading of 3.90 percent. Analysts predicted national unemployment to hold steady at 3.90 percent.  
What’s Ahead for the Week of February 7, 2022

This week’s scheduled economic reports include readings on inflation and consumer sentiment along with weekly data on mortgage rates and jobless claims.

Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.