Jobless Claims Climb

Raleigh Mortgage GroupUncategorized

With a lack of significant economic news, it was a very quiet week for mortgage markets. Investors essentially were on the sidelines waiting for the next big CPI inflation report on May 15. In the bigger picture, mortgage rates remain a little below their highest levels of the year. It makes sense that investors are hesitant to take action right …

Inflation on Target

Raleigh Mortgage GroupUncategorized

The most highly anticipated economic data this week was the PCE inflation report, and it was right in line with expectations. Beyond that, first quarter GDP contained mixed news for mortgage markets. As a result, rates ended the week with little change, remaining near the highest levels of the year. Fed officials keep a close eye on inflation, and the …

Job Gains Defy Forecasts

Raleigh Mortgage GroupUncategorized

Stronger than expected data caused investors to raise their outlook for economic growth this week, which was negative for mortgage markets. In particular, job growth continued to exceed the forecasts of economists. As a result, mortgage rates climbed. Following strong gains for the last three months, the economy added another massive 303,000 jobs in March, well above the consensus forecast …

High Inflation

Raleigh Mortgage GroupUncategorized

Stronger than expected inflation data was negative for mortgage markets this week. A shortfall in consumer spending was a distant second in importance to investors, and mortgage rates ended the week higher. The Consumer Price Index (CPI) is one of the most widely followed inflation indicators. To reduce short-term volatility and get a better sense of the underlying inflation trend, …

Inflation Drops

Raleigh Mortgage GroupUncategorized

It was another quiet week for mortgage markets. The latest inflation data was right on target and caused little reaction. Similarly, the other major economic reports had just a minor impact, and mortgage rates ended the week nearly unchanged.  Fed officials keep a close eye on inflation, and the PCE price index is their favored indicator. In January, core PCE, …

Services Sector Improves

Raleigh Mortgage GroupUncategorized

With little significant economic news, it was a quiet week for mortgage markets. The one major economic report released this week was stronger than expected and nudged mortgage rates a bit higher.  Since services account for roughly 75% of economic activity in the US, investors closely watch a key report on the sector from the Institute of Supply Management. The …

Job Gains

Raleigh Mortgage GroupUncategorized

There were two key economic events this week, and investors pushed mortgage rates lower in the days leading up to them. The Fed meeting on Wednesday contained no surprises and had little lasting impact. By contrast, the Employment report released on Friday was much stronger than expected, which was negative for mortgage markets. Despite the shocking labor market data, however, …

Inflation Eases

Raleigh Mortgage GroupUncategorized

The major inflation data released this week was right on target. While GDP growth exceeded expectations, its impact was minor. As a result, mortgage rates ended the week with little change.  Fed officials keep a close eye on inflation, and the PCE price index is their favored indicator. In December, core PCE, which excludes food and energy to reduce short-term …

Strong Economic Data

Raleigh Mortgage GroupUncategorized

Strong data on consumer spending and the labor market raised the investor outlook for economic growth this year. This was negative for mortgage rates, which ended the week higher.  Despite higher prices and credit card rates, consumer spending remained strong during the holiday shopping period and again outperformed the forecasts of economists. In December, retail sales rose 0.6% from November, …

Favorable Inflation Data

Raleigh Mortgage GroupUncategorized

Investors were focused on the inflation data released this week, and they were pleased with the figures overall.  As a result, mortgage rates moved a little lower.  The Consumer Price Index (CPI) is one of the most widely followed inflation indicators. To reduce short-term volatility and get a better sense of the underlying inflation trend, investors often look at core …