The most important data of the quarter was released, signaling the direction for many markets and where economic policy may […]
The most important data of the quarter was released, signaling the direction for many markets and where economic policy may […]
This week’s most significant data offered preliminary numbers for manufacturing and services PMI (Purchasing Managers Index). Both can serve as […]
This week featured the usual retail sales report which shows consumer demand and as well as an indicator of the […]
Comparing mortgages is a crucial step in the process of buying a home or refinancing an existing mortgage. Here are […]
The previous week offered a blend of economic updates, covering a report on the jobs market and weekly changes in […]
Next week, the unemployment data is going to be released, as initial jobless numbers are going to come in. This is a key indicator because rising interest rates generally lead to more layoffs, which could jeopardize the Fed’s goal of a soft landing.
Last week’s economic reports included readings on U.S. housing markets, housing starts and building permits, and the scheduled post-meeting statement from the Federal Open Market Committee of the Federal Reserve. Data on sales of previously owned homes were released along with weekly reports on mortgage rates and jobless claims.
The current 30-year fixed mortgage rate hovers around 7.51 percent, one of the highest rates seen in two decades. This is an upward jump from August, where the rates averaged at 7.18 percent. This trend is impacting potential homeowners. Meanwhile, the 15-year fixed mortgage rate stands close to 6.51 percent, mirroring August’s average, which rounded off at 6.55 percent.
Last week’s scheduled economic reporting was limited due to the U.S. Labor Day holiday on Monday. The Federal Reserve released its Beige Book report and weekly readings on mortgage rates and jobless claims were also published.
Month-to-month inflation rose at a pace of 0.20 percent in July and met analysts’ expectations. There was no change in the pace of month-to-month inflation from June’s reading of 0.20 percent growth. The Consumer Price Index also reported that year-over-year inflation reached 9.10 percent, which was the highest reading since reaching a 40-year high in mid-2022.