By Carlos Velez on
7/12/2011 5:33 AM
Jobs Fall Short
The main focus this week was the June Employment report. Rising expectations during the week pushed mortgage rates higher ahead of the report. When the Employment data came in far below expectations, though, mortgage rates improved significantly and ended the week a little lower.
Against a consensus forecast of 125K, the economy added just 18K jobs in June, the lowest level since September 2010, and the figures from the prior two months were revised lower by 44K. The Unemployment Rate rose to 9.2% from 9.1% in May. Average Hourly Earnings, a proxy for wage growth, were unchanged from May, below the consensus for a rise of 0.2%. In short, bright spots were hard to find.
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By Carlos Velez on
2/11/2011 1:49 PM
Mortgage Rates Move Higher
Inflation concerns and a higher than expected January budget deficit caused mortgage rates to move a little higher during the week. Solid demand for this week's longer-term Treasury auctions helped prevent a larger increase in mortgage rates. Investors hoping for inflation relief from the Fed were disappointed. In testimony on Wednesday, Fed Chief Bernanke suggested that Fed officials view overall inflation levels as low and have no near-term plans to tighten monetary policy to fight rising inflation.
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By Carlos Velez on
2/7/2011 9:53 AM
Mortgage Rates Higher on Inflation Concerns
Inflation concerns hit bond markets this week. Despite soothing comments from Fed Chief Bernanke, stronger than expected economic growth and higher commodity prices raised investor fears that future inflation may increase. As a result, mortgage rates moved higher during the week.
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By Carlos Velez on
1/22/2011 10:46 AM
FS Mortgage Time : Mortgage Rates Climb
Stronger than expected economic data with a hint of higher inflation was negative for mortgage markets this week. Concerns about the level of demand for US securities from China added to the pressure. As a result, mortgage rates ended the week higher.
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By Carlos Velez on
11/12/2010 10:48 AM
 Mortgage Rates End Higher
Mortgage Market News for the week ending November 12, 2010
The volatility in mortgage rates continued. During the week, Freddie Mac reported that average 30-year fixed rates dropped to the lowest level in decades, but mortgage rates moved higher later in the week. Weak Treasury auction results and concern about demand from foreign investors were negative for mortgage rates, and they finished the week moderately higher.
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By Carlos Velez on
11/8/2010 6:31 AM
Fed Announces Stimulus
As expected, a week packed with major economic events produced a great deal of daily volatility in mortgage rates. The Fed's announcement was positive for mortgage rates, the Employment report was negative, and the election results were neutral. In the end, mortgage rates finished the week a little lower.
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By Carlos Velez on
10/31/2010 3:48 PM
Big Week Ahead
Ahead of next week's FOMC meeting and election results, mortgage rates have been very volatile. Rising rates early in the week were partially offset by improving rates later in the week. In the end, mortgage rates finished the week just a little higher.
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By Carlos Velez on
10/17/2010 3:57 PM
This week, investors again focused on the expected new monetary stimulus program from the Fed, but no details were revealed. The economic data released during the week continued to show low inflation and modest economic growth. As a result of no real surprises, mortgage rates ended the week with little change.
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By Carlos Velez on
9/12/2010 8:13 AM
FS MORTGAGE :Mortgage Rates Move Higher Again
September 10, 2010
Stronger than expected economic data pushed mortgage rates a little higher again this week. Following a string of weekly drops since the middle of June, mortgage rates have now risen for two straight weeks.
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By Carlos Velez on
9/12/2010 8:04 AM
FS MORTGAGE TIME : Data Turns Rates Higher September 3, 2010
After falling for several weeks, stronger than expected economic data caused mortgage rates to turn a little higher late this week. Upside surprises in important labor market, housing, and manufacturing reports were negative for mortgage markets and positive for stocks.
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