Homeowners took a "wait and see" position as mortgage rates rose and concerns over the economy persisted. Those who refinanced their mortgages to low rates during the pandemic weren't looking to buy new homes or refinance at current mortgage rates near seven percent. Prospective homebuyers faced affordability challenges and concerns over buying at the top of their local real estate markets.
What’s Ahead For Mortgage Rates This Week – May 15, 2023
The U.S. Labor Department reported the month-to-month pace of inflation rose by 0.40 percent in April and matched analysts' expectations. April's reading surpassed the March reading of 0.10 percent month-to-month inflationary growth. Inflation rose by 4.90 percent year-over-year in April. Analysts expect inflationary growth to continue, but at a slower pace through 2023.
What’s Ahead For Mortgage Rates This Week – May 8, 2023
Last week's economic news included reporting on construction spending, the Federal Reserve's decision to raise its benchmark interest rate, and weekly readings on mortgage rates and jobless claims.
What’s Ahead For Mortgage Rates This Week – April 17, 2022
Last week's economic reporting included readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.
What’s Ahead For Mortgage Rates This Week – April 3, 2023
Last week's economic reporting included readings on home prices, inflation, and pending home sales. Weekly readings on mortgage rates and jobless claims were also published.
S&P Case-Shiller: December Home Price Growth Slows
Home price growth slowed in December according to the S&P Case-Shiller 20-City Home Price Index. Year-over-year home prices rose by 4.6 percent in December as compared to November's reading of 6.8 percent growth. Rising mortgage rates caused home prices to dip as potential buyers delayed home purchases and demand for homes fell.
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