Stimulus, Fed, Retail Sales

Raleigh Mortgage Group Uncategorized

A wide range of major economic news caused some volatility for mortgage rates this week. However, the net effects of a proposed new stimulus package, Fed speeches, and disappointing consumer spending data were roughly offsetting, and mortgage rates ended with little change.  On Thursday, President-elect Biden released the details of a $1.9 trillion coronavirus rescue package intended to assist households …

Georgia Election Strong Data

Raleigh Mortgage Group Uncategorized

The Democratic sweep in the Georgia Senate runoff election was viewed as unfavorable for mortgage rates. While Friday’s labor market report was mixed, this week’s other major economic data was very strong, which also was negative for rates. As a result, rates rose a little, but remain near record low levels and are roughly a full point lower than a …

Housing Momentum Continues

Raleigh Mortgage Group Uncategorized

The last couple of weeks of December typically exhibit very light trading volume and limited investor reaction to economic news. This year was no exception, and mortgage rates remained near record low levels. While rising case counts of the coronavirus have slowed economic activity in some areas of the economy such as consumer spending near the end of the year, …

Retail Sales Fall Short

Raleigh Mortgage Group Uncategorized

There was no shortage of economic news this past week including a disappointing report on consumer spending, encouraging housing data, progress on a government stimulus deal, and a Fed meeting. These events had surprisingly little impact on mortgage markets, however, and rates remained near record low levels. Following sharp declines in March and April due to the pandemic, consumer spending …

Low Inflation

Raleigh Mortgage Group Uncategorized

It was another relatively quiet week for mortgage markets, as the major economic data and the European Central Bank meeting were in line with expectations. Rates remained near record low levels. The reduced economic activity resulting from the coronavirus has caused a decline in inflation, which has helped keep mortgage rates low. The Consumer Price Index (CPI) is a widely …

Job Gains Fall Short

Raleigh Mortgage Group Uncategorized

Investors reacted this week to major economic data, Covid headlines, and negotiations in Congress for an additional aid package. Despite the wide range of news, however, it was a relatively quiet week for mortgage markets, and rates remained near record low levels. While the solid rebound from unprecedented job losses caused by the partial shutdown of the economy has continued, …

Strong New Home Sales

Raleigh Mortgage Group Uncategorized

The short holiday week was a relatively quiet period for mortgage rates. A large batch of economic reports on Wednesday had little impact, and rates remained near record low levels. Sales of new homes continued at a blistering pace in October. Following weakness during the spring due to the partial shutdown of the economy, new home sales have maintained an …

Vaccine Progress

Raleigh Mortgage Group Uncategorized

With the election results mostly determined, the pandemic was the main focus for investors this week. Fantastic news about progress on a Covid vaccine was offset by rising case counts, and mortgage rates ended with little change near record low levels. On Monday, Pfizer reported extremely positive trial data for a Covid vaccine, which caused investors to anticipate a quicker …

Divided Government

Raleigh Mortgage Group Uncategorized

During a week of election uncertainty, mortgage markets held relatively steady, as investors expect that control of the government will remain divided between the Democrats and the Republicans. In addition, the key labor market data came in roughly on target, and the Fed made no policy changes at Thursday’s meeting. Mortgage rates remained near record low levels. While the final …

GDP Rebounds

Raleigh Mortgage Group Uncategorized

While there was no shortage of significant economic news on several fronts this week, including an increase in global cases of the coronavirus, major US economic data, and a European Central Bank meeting, mortgage markets held relatively steady. It appears that many investors have been staying on the sidelines ahead of Tuesday’s election, and mortgage rates remained near record low …