What’s Ahead For Mortgage Rates This Week – October 21st, 2019

Posted in Financial Reports by Michigan Real Estate Expert on October 21st, 2019

What’s Ahead For Mortgage Rates This Week – October 21st, 2019Last week’s economic reports included readings from the National Association of Home Builders on builder confidence in housing market conditions, Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims were also reported.

Builder Confidence in Housing Markets Rises

The NAHB Housing Market Index rose in October from September’s index reading of 68 to 71.Home builders were confident in market conditions due to strong demand for homes caused by low mortgage rates and slower growth in home prices.

Obstacles including tariffs on building materials did not deter builder confidence; any reading above 50 on the Housing Market Index indicates that most builders are confident about housing market conditions.

Robert Dietz, Chief Economist for NAHB, said: “The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by a gradual uptick in builder sentiment over the past few months.” Mr. Dietz cited “ongoing supply side constraints and concerns about a slowing economy” as factors expected to negatively impact builder sentiment in coming months.

The Commerce Department reported a  seasonally-adjusted annual pace  of 1.26 million housing starts in September. Analysts expected a pace of 1.32  million starts; August’s reading for housing starts was 1.39 million starts.

Fewer building permits were issued in September with 1.39 million permits issued as compared to August’s reading of 1.43 million permits issued; analysts expected 1.38 million building permits to be issued.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher rates for fixed rate mortgages last week. The average rate for 30-year fixed rate mortgages rose 12 basis points to 3.69 percent; the average rate for 15-year fixed rate mortgages rose 10 basis points to 3.15 percent.

The average rate for 5/1 adjustable rate mortgages was unchanged at 3.15 percent. Discount points averaged 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.

Initial jobless claims also rose last week. 214,000 new claims were filed as compared to expectations of 215,000 claims filed and the prior week’s reading of 210,000 first-time jobless claims filed. Analysts noted that new jobless claims remained near a 50-year low.

What’s Ahead

This week’s scheduled economic news includes readings on sales of new and previously-owned homes along with a report on consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

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What Causes Mortgage Interest Rates To Fluctuate?

Posted in Mortgage by Michigan Real Estate Expert on October 8th, 2019

What Causes Mortgage Interest Rates To FluctuateThe mortgage interest rate represents the cost of borrowing money to purchase a property. Mortgage interest rates are not fixed; that is, they fluctuate from one period of time to the next.

Many different factors play into what your mortgage interest rate will finally turn out to be. Some of these factors have to deal with the economy and government decisions. Other factors have to do with your personal financial situation.

Finally, mortgage interest rates can differ between lending institutions, which is why you may get different mortgage interest rate quotes from different places.

Economic Factors That Cause Mortgage Interest Rates To Fluctuate

Mortgage interest rates are somewhat connected to the stock market. When the stock market indexes go up, mortgage rates tend to rise as well. The Consumer Price Index is a measure of inflation rates. When inflation rises, you can expect to see mortgage interest rates go up, too. Other economic factors that affect mortgage interest rates include Data from the Gross Domestic Product, Consumer Confidence, and Home Sales reports.

Government Decisions That Lead To Mortgage Interest Rate Changes

The federal government keeps close tabs on the economy. Government officials are always making adjustments in order to keep the economy strong. Periodically, the government will raise or lower key interest rates in order to adjust bank lending economics. When the government raises or lowers the Federal Funds interest rate, it is always announced in the media.

Personal Financials And Your Mortgage Interest Rate

Finally, your personal financial situation influences what kind of mortgage interest rate your lender offers. A higher credit score will generally get you a lower mortgage interest rate. This is another reason why it’s always a good idea to review and improve your credit score before applying for a mortgage.

When you are ready to apply for a mortgage, meet with a trusted home mortgage professional. Because mortgage interest rates fluctuate often, you could find that the interest rate gets higher in the short time in which you’re still shopping for your home. Once you do find an attractive program for your personal situation, be sure that you are ready to take the necessary steps to lock in that rate.

If you are interested in buying a new home or listing your current property, be sure to contact your trusted real estate professional.

 

 

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What’s Ahead For Mortgage Rates This Week – October 7th, 2019

Posted in Financial Reports by Michigan Real Estate Expert on October 7th, 2019

What’s Ahead For Mortgage Rates This Week – October 7th, 2019Last week’s economic news included readings on construction spending, and labor reports on public and private sector jobs and the national unemployment rate. Weekly reports on new jobless claims and mortgage rates were also released.

Construction Spending Ticks Up in August

Commerce Department reporting on construction spending showed 0.10 percent growth in August as compared to a revised flat reading for July. Construction spending hit a seasonally-adjusted annual rate of  $1.29 trillion for August.  Analysts expected 0.40 percent growth, which was based on the original July reading of 0.10 percent growth.

Residential construction spending rose 0.90 percent in August ; public construction spending rose 0.40 percent for the month. Factors impacting residential construction spending include rising costs of building materials, winter weather conditions and mortgage rates

Mortgage Rates Little Changed; New Jobless Claims Rise

Freddie Mac reported mixed activity with mortgage rates last week. Rates for 30-year fixed rate mortgages rose one basis points to an average of 3.65 percent. Rates for 15-year fixed rate mortgages averaged 3.14 percent and were two basis points lower.

The average rate for 5/1 adjustable rate mortgages was unchanged at 3.38 percent. Discount points averaged 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate mortgages. Discount points for 5/1 adjustable rate mortgages  averaged 0.40 percent.

First-time jobless claims rose to 219,000 claims filed and surpassed expectations of 218,000 new claims. 215,000 first-time claims were filed the prior week.

Jobs Growth Slows; National Unemployment Rate Drops

September jobs reports showed fewer jobs available for public and private sector employers. The federal government’s Non-Farm Payrolls report showed 136,000 jobs added as compared to an expected reading of 150,000 jobs added and the previous month’s reading of 168,000 public and private sector jobs added.

ADP reported 135,000 private-sector jobs added in September as compared to 157,000 jobs added in August. The national unemployment rt rate dropped to 3.50 percent in September.

What’s Ahead

This week’s scheduled economic news includes readings on job openings, minutes of the most recent FOMC meeting, and reports on inflation and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – September 30th, 2019

Posted in Financial Reports by Michigan Real Estate Expert on September 30th, 2019

What’s Ahead For Mortgage Rates This Week – September 30th, 2019Last 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, Nevada reported 4.70 percent growth and Charlotte, North Carolina home prices rose by 4.60 percent.

West coast cities that dominated home price growth in recent years have given way to more affordable markets. Seattle, Washington reported a negative reading of -0.60 percent year-over-year. Low mortgage rates have compelled buyers to enter the market; this could drive up demand again and boost home prices at a higher pace than they are rising now.

New and Pending Home Sales Increase in August

New home sales rose to 713,000 year-over-year in August as compared to July’s reading of 686.000 sales and expectations of 660,000 new homes sold in August. Pending sales rose 1.60 percent in August after posting a negative reading of -2.50 percent  in July.

Pending sales are transactions with signed purchase contracts, but that have not closed. Home sales typically taper off in fall after the peak selling season in spring and summer; rising sales during fall suggest stronger housing markets.

Mortgage Rates Fall, New Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week; rates for 30-year fixed rate mortgages averaged 3.64 percent and were nine basis points lower than in the prior week. The average rate for 15-year fixed rate mortgages was five basis points lower at 3.16 percent and rates for 5/1 adjustable rate mortgages fell 11 basis points to an average of 3.38 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose to 213,000 claims filed from 210,000 new claims filed the prior week. Analysts said the GM auto worker strike caused the increase in new claims.

What’s Ahead

This week’s scheduled economic news includes readings on construction spending and labor sector reports on public and private sector jobs and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – September 23rd, 2019

Posted in Financial Reports by Michigan Real Estate Expert on September 23rd, 2019

What’s Ahead For Mortgage Rates This Week – September 23rd, 2019Last 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 reading of 66. September’s reading matched the highest reading posted year-over-year.

Readings over 50 indicate that most builders are confident about housing markets. Analysts noted that builder confidence rose despite ongoing concerns about higher materials costs caused by trade wars and tariffs.

According to the Commerce Department, housing starts rose in August with 1.364 million starts on a seasonally-adjusted annual basis. Analysts expected 1.300 million starts and 1.215 million starts were posted for July. More housing starts are good news for housing markets stifled by short supplies of available homes and high demand for homes.  

Building permits issued in August also rose from July’s reading. 1.419 million permits were issued as compared to July’s reading of 1.217 million permits issued on a seasonally-adjusted annual basis.

August sales of previously-owned homes rose to 5.49 million sales as compared to July’s annual sales pace of 5.42 million sales. Analysts predicted August sales of pre-owned homes to decrease to 5.39 million sales.

Mortgage Rates, Weekly Jobless Claims Rise

Freddie Mac reported higher mortgage rates last week with rates for 30-year fixed rate mortgages 17 basis points higher at an average of 3.73 percent. Rates averaged 3.21 percent for 15-year fixed rate mortgages and were 12 basis points higher.

The average rate for 5/1 adjustable rate mortgages was 13 basis points higher at  3.49 percent. First-time jobless claims rose last week to 208,000 claims. Analysts expected 215,000 new claims based on the prior week’s reading of 206,000 new jobless claims filed.

The Fed cut its benchmark short-term interest rate by one-quarter point to 1.75 to 2.00 percent, but there was some dissent among policymakers. Seven members of the Federal Open Market Committee voted for the rate decrease; two members voted against the rate cut and one member thought that rates should be cut 0.50 percent.

What’s Ahead

This week’s scheduled economic reports include readings on Case-Shiller Home Price Indices, inflation, pending home sales and consumer sentiment. Weekly  readings on mortgage rates and first-time jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – September 16th, 2019

Posted in Financial Reports by Michigan Real Estate Expert on September 16th, 2019

What’s Ahead For Mortgage Rates This Week – September 16th, 2019Last 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 months. Core inflation rose to its highest level in 13 months and was 2.40 percent higher year-over-year.

Mortgage Rates, Rise; New Jobless Claims Fall

Freddie Mac reported higher mortgage rates last week. Rates for 30-year fixed rate mortgages averaged 3.56 percent and were two basis points higher than in the prior week. Rates for 15-year fixed rate mortgages averaged 3.09 percent and were nine basis points higher on average.

Rates for 5/1 adjustable rate rose six  basis points to an average rate of 3.36 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

New jobless claims fell last week with 204,000 first-time claims filed. Analysts expected 213,000 new claims filed based on the prior week’s reading of 219,000 initial claims.

The University of Michigan reported a jump in consumer sentiment in September;  August readings fell due to consumer concerns over the impact of tariffs on imported goods. September’s consumer sentiment index reading rose to 92.00 as compared to August’s index reading of 89.80.

Analysts predicted a September index reading of 91.40. Analysts said that while confidence in general economic conditions rose, consumers continued to be worried about the effects of tariffs.

What’s Ahead

This week’s scheduled economic news includes the National Association of Home Builders Housing Market Index, Commerce Department readings on housing starts and building permits issued and a statement by the Fed’s Federal Open Market Committee statement.

Fed Chair Jerome Powell will also give a press conference. Sales of pre-owned homes will be reported along with weekly readings on mortgage rates and new jobless claims.

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What’s Ahead For Mortgage Rates This Week – September 9th, 2019

Posted in Financial Reports by Michigan Real Estate Expert on September 9th, 2019

What’s Ahead For Mortgage Rates This Week – September 9th, 2019Last 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 areas of the United States. As peak home buying season winds down to fall and winter, builders are expected to reduce spending. Builder concerns over the impact of tariffs on imported building materials continued to affect builders’ budgets.

Mortgage Rates Fall, Weekly Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week; the average rate for 30-year fixed rate mortgages was nine basis points lower at 3.49 percent. Rates for 15-year mortgages were six basis points lower and averaged  3.00 percent.

Rates for 5/1 adjustable rate mortgages averaged 3.30 percent and were one basis point lower. Discount points averaged 0.50 percent for 30-year fixed rate mortgages, 0.60 percent for 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose by 1000 claims to 217,000 new claims filed. Analysts expected 214,000 initial jobless claims based on the prior week’s reading of 216,000 first-time claims filed. No signs of layoffs were indicated in relation to the higher reading for new jobless claims.

The monthly reading for new jobless claims showed 216,250 new claims filed and was higher by 1500 new claims filed. The monthly reading is considered more stable than week-to-week readings for initial jobless claims.

Public and Private-Sector Jobs Reports Mixed, Unemployment Rate Holds Steady

ADP reported 195,000 private-sector jobs added in August. The Commerce Department reported 130,000 public and private sector jobs added; analysts expected 170,000 jobs added in August. The national unemployment rate was unchanged at 3.70 percent.

What’s Ahead

This week’s scheduled economic news includes readings on inflation, retail sales and consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – September 3rd, 2019

Posted in Financial Reports by Michigan Real Estate Expert on September 3rd, 2019

What’s Ahead For Mortgage Rates This Week – September 3rd, 2019Last 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, Nevada home prices rose 5.50 percent and Tampa, Florida reported 4.70 percent growth in home prices.

West coast cities led home price growth in recent years when home prices were rapidly increasing, but growth has slowed and Seattle, Washington reported negative year-over-year growth of home prices in June.Potential obstacles to home price growth include rising materials costs due to tariffs on imported building materials and concerns over slowing economic growth.

Pending Home Sales Lower in July

The National Association of Realtors® reported fewer pending home sales in July as compared to June. Pending sales, which are defined as sales for which purchase contracts have been signed, but sales not closed, fell by -2.50 percent in July as compared to 2,80 percent growth in June. Real estate pros said that the peak home-buying season slows as summer progresses.

All four regions reported fewer contract signings for previously-owned homes in July; the Northeast reported -1.60 percent fewer pending sales, the Midwest had -2.50 percent fewer pending sales and the South reported -2.40 percent fewer sales contracts signed. The biggest dip in contracts signed was in the West with sales contracts -3.40 percent lower than for June.

Analysts and real estate pros expected falling mortgage rates to boost home sales, but current homeowners took advantage of low mortgage rates to refinance their mortgages as would-be home buyers were unaffected by low mortgage rates.

Mortgage Rates Mixed, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates for fixed rate loans; rates rose three basis points on average for 30 and 15-year fixed rate mortgages. Rates for a 30-year fixed rate mortgage averaged 3.58 percent; the average rate for a 15-year fixed rate mortgage was 3.06 percent and 5/1 adjustable rate mortgage rates averaged 3.31 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages

Initial jobless claims rose from the prior week’s reading of 211,000 to 215,000 new jobless claims filed last week. Analysts expected 214,000 new claims to be filed. The University of Michigan’s consumer sentiment index dropped to an index reading of 89.8 as compared to the expected reading of 92.3 and July’s reading of 92.1. August’s reading was the lowest measurement of consumer sentiment since 2012.

What’s Ahead

This week’s scheduled economic news includes readings on construction spending and data on public and private-sector jobs growth and the national unemployment rate. Weekly reports on mortgage rates and first-time jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – August 26th, 2019

Posted in Financial Reports by Michigan Real Estate Expert on August 26th, 2019

What’s Ahead For Mortgage Rates This Week – August 26th, 2019Last week’s economic news included readings  from the National Association of Home Builders Housing Market Index and July readings on housing starts and building permits issued. Weekly readings on initial jobless claims and mortgage rates were also released.

NAHB: Home Builder Sentiment Remains High

According to the National Association of Home Builders, builder confidence in housing market conditions rose one point to an index reading of 66 for August. Housing Market Index readings showed that builder sentiment has held steady with readings of 64 to 66; any reading over 50 indicates positive builder sentiment.

Analysts said that despite strong readings for builder confidence in recent months, Commerce Department readings on housing starts and building permits issued did not reflect high builder confidence readings. Reports on housing starts and building permits issued fall one month behind the NAHB Housing Market Index.

Housing Starts Falter as Building Permits Increase

Commerce Department readings for July showed mixed results for housing starts and building permits issued as starts fell from June’s  downwardly revised reading of 1.24 million starts to 1.19 million starts in July. Housing starts are calculated on a seasonally-adjusted annual basis.

July building permits rose from June’s reading of 1.232 million permits to 1.336 million permits issued. Analysts expected a reading of 1.287 million housing starts for July. This was the second consecutive positive reading for housing starts after a post-recession period of fewer starts.

While building permits for single-family homes traditionally outpace permits issued for multi-family housing, analysts noted that demand for multi-family housing developments is trending higher due to high prices for single-family homes.

Increasing costs for building materials, indications of  global and domestic economic uncertainty and changing consumer priorities were cited as trends impacting housing starts.

Mortgage Rates Hold Near Record  Low, New Jobless Claims Rise

Freddie Mac reported little change in mortgage rates last week; the average rate for 30-year fixed rate mortgages was unchanged at 3.60 percent. Rates for 15-year fixed rate mortgages averaged 3.07 percent and were two basis points higher.

The average rate for 5/1 adjustable rate mortgages fell one basis point to 3.35 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose last week to 220,000 new claims filed as compared to the prior week’s reading of 211,000 new jobless claims filed. Analysts expected 212,000 claims to be filed last week. Nearly 6000 new jobless claims filed in California boosted last week’s reading for new claims.

The less volatile four-week rolling report on new jobless claims rose by 1000 claims to  213,750 new claims filed. New jobless claims hit their highest level in six weeks, but were lower than average.

Consumer sentiment concerning current economic conditions fell 6.20 points to an index reading of 92.1 according to the University of Michigan monthly survey of consumer confidence in the economy.

Concerns over trade wars and the Federal Reserve’s decision to lower its target interest rate range prompted consumer confidence to slip in August.

Whats Ahead

This week’s scheduled economic news includes readings on sales of new and previously owned homes and minutes from the last meeting of the Federal Reserve’s Federal Open Market Committee. Weekly readings on mortgage rates and new jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – August 19th, 2019

Posted in Financial Reports by Michigan Real Estate Expert on August 19th, 2019

What’s Ahead For Mortgage Rates This Week – August 19th, 2019Last week’s economic news included readings  from the National Association of Home Builders Housing Market Index and July readings on housing starts and building permits issued. Weekly readings on initial jobless claims and mortgage rates were also released.

NAHB: Home Builder Sentiment Remains High

According to the National Association of Home Builders, builder confidence in housing market conditions rose one point to an index reading of 66 for August. Housing Market Index readings showed that builder sentiment has held steady with readings of 64 to 66; any reading over 50 indicates positive builder sentiment.

Analysts said that despite strong readings for builder confidence in recent months, Commerce Department readings on housing starts and building permits issued did not reflect high builder confidence readings. Reports on housing starts and building permits issued fall one month behind the NAHB Housing Market Index.

Housing Starts Falter as Building Permits Increase

Commerce Department readings for July showed mixed results for housing starts and building permits issued as starts fell from June’s downwardly revised reading of 1.24 million starts to 1.19 million starts in July. Housing starts are calculated on a seasonally-adjusted annual basis.

July building permits rose from June’s reading of 1.232 million permits to 1.336 million permits issued. Analysts expected a reading of 1.287 million housing starts for July. This was the second consecutive positive reading for housing starts after a post-recession period of fewer starts.

While building permits for single-family homes traditionally outpace permits issued for multi-family housing, analysts noted that demand for multi-family housing developments is trending higher due to high prices for single-family homes.

Increasing costs for building materials, indications of  global and domestic economic uncertainty and changing consumer priorities were cited as trends impacting housing starts.

Mortgage Rates Hold Near Record Low, New Jobless Claims Rise

Freddie Mac reported little change in mortgage rates last week; the average rate for 30-year fixed rate mortgages was unchanged at 3.60 percent. Rates for 15-year fixed rate mortgages averaged 3.07 percent and were two basis points higher.

The average rate for 5/1 adjustable rate mortgages fell one basis point to 3.35 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose last week to 220,000 new claims filed as compared to the prior week’s reading of 211,000 new jobless claims filed. Analysts expected 212,000 claims to be filed last week. Nearly 6,000 new jobless claims filed in California boosted last week’s reading for new claims.

The less volatile four-week rolling report on new jobless claims rose by 1,000 claims to  213,750 new claims filed. New jobless claims hit their highest level in six weeks, but were lower than average.

Consumer sentiment concerning current economic conditions fell 6.20 points to an index reading of 92.1 according to the University of Michigan monthly survey of consumer confidence in the economy. Concerns over trade wars and the Federal Reserve’s decision to lower its target interest rate range prompted consumer confidence to slip in August.

Whats Ahead

This week’s scheduled economic news includes readings on sales of new and previously owned homes and minutes from the last meeting of the Federal Reserve’s Federal Open Market Committee. Weekly readings on mortgage rates and new jobless claims will also be released.

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