Interest Rates

Last week’s economic reports included readings from Case-Shiller on home prices along with data on new and pending home sales. Weekly readings on mortgage rates and initial jobless claims were also released. Case-Shiller: Home Price Gains Slow to Lowest Pace in 7 Years Case-Shiller Home Price Indices reported slower home price growth in July with 3.20 percent growth year-over-year. There was no change in July’s reading for the 20-City Home Price Index as compared to June after seasonal adjustments. The top-three cities in Case-Shiller’s 20-City Home Price Index were Phoenix, Arizona with 5.80 percent home price growth year-over-year. Las Vegas,…

Last week’s economic reports included readings from the National Association of  Home Builders on housing market conditions, Commerce Department reports on Housing starts and building permits issued and the National Association of Realtors® report on sales of previously owned homes. The Fed reduced its key interest rate and weekly reports on mortgage rates and first-time jobless claims were also released. Builder Confidence in Housing Market Improves, Sales of Pre-Owned Homes Rise The National Association of Home Builders Housing Market Index rose one point to an index reading of 68 in September. August’s reading was adjusted to 67 from an initial…

Last week’s economic news included readings on inflation, core inflation and consumer sentiment. Weekly reports on mortgage rates and first-time jobless claims were also released. Lower Gas Prices Dampen August Inflation Rate Consumer prices fell in August; analysts attributed the decline to lower gasoline prices. August’s reading matched expectations, but was 0.20 percent lower than July’s reading. The Core Consumer Price Index, which excludes volatile food and fuel sectors, rose by 0.30 percent and matched July’s reading. Analysts expected an August core inflation reading of 0.20 percent. Rising housing and healthcare costs indicated that overall inflation would rise in coming…

Last week’s economic reports included readings on construction spending, public and private-sector jobs and the national unemployment rate. Weekly reports on mortgage rates and first-time jobless claims were also released. Construction Spending Rises in August Construction spending rose 0.10 percent higher than in July according to the Commerce Department. Analysts expected construction spending to increase by 0.60 percent based on June’s reading of -0.70 percent. Construction spending was -2.70 percent lower year-over-year based on revisions to data going back to 2008. Construction spending was impacted by multiple factors including costs of labor and building materials and inclement weather in some…

Last week’s economic news included  readings on home price trends, pending home sales and weekly readings on average mortgage rates and first-time jobless claims. The University of Michigan also released consumer sentiment report. Case-Shiller Reports Slower Home Price Growth in June According to Case-Shiller Home Price Indices for June, home prices gained an average of 2.10 percent year-over-year. This was the slowest growth of home prices since 2012. Analysts said that home prices grew at one-third the 6.30 percent that home prices grew last year. Home prices grew fastest in Phoenix, Arizona with year-over-year growth of 5.80 percent; Las Vegas,…