In the week ending April 21, 2022, mortgage rates rose for a seventh consecutive week. 30-year fixed rates rose by 11 basis points to 5.11%. 30-year fixed rates jumped by 28 basis points in the week prior.
Newsfeed: U.S Mortgage Rates Rise for a Seventh Consecutive Week Read More »
There’s no doubt about it: Soaring mortgage rates are an economic shock to the U.S. housing market. Over the past month alone, the average 30-year fixed mortgage rate has spiked from 3.11% to 5.11%.
After dismal earnings by such mammoth retailers as Walmart, Targets and this morning’s “horror report” by Abercrombie and Fitch, on Tuesday afternoon we actually got a solid report by Nordstrom, which not only printed strong earnings but also hiked guidance sending the stock higher as much as 12%.
Newsfeed: U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022 Read More »
Almost one year ago, Redfin CEO Glenn Kelman spoke with Bloomberg Radio about the state of the US housing market, and said that the ongoing surge in home prices could subside.
Newsfeed: US Existing Home Sales Slump Near 2-Year Lows As Mortgage Rates Soar Read More »
As mortgage rates rise, homebuilder sentiment slips, and home sales weaken, analysts expected housing permits and starts to fall MoM in March but, thanks in part to downward revisions for Feb’s data, Housing Starts surprised with a +0.3% MoM rise (vs -1.6% MoM exp) and Permits up 0.4% MoM (vs -2.4% MoM exp)…
Newsfeed: Multi-Family Unit Surge Sparks Rise in Housing Starts, Permits In March Read More »
Our updated forecast includes an expectation of a modest recession in the latter half of 2023 as we see a contraction in economic activity as the most likely path to meet the Federal Reserve’s inflation objective given the current rate of wage growth and inflation.
Newsfeed: Inflation Rate Signals Tighter Monetary Policy and Threatens ‘Soft Landing’ Read More »
Almost one year ago, Redfin CEO Glenn Kelman spoke with Bloomberg Radio about the state of the US housing market, and said that the ongoing surge in home prices could subside.
The cost of groceries increased nearly 10% year-over-year and 1% since February, driven largely by a rise in prices of meat, poultry, fish, and eggs, according to Consumer Price Index data from the Bureau of Labor Statistics released Tuesday, April 12. The report was released amid the highest documented inflation in more than four decades.
Newsfeed: Grocery items with the greatest price change in March Read More »
Starting March of 2021, the National Association of Realtors (NAR) made Housing Affordability Data available to the St. Louis Fed.
Newsfeed: Housing Affordability Declines Nearly 23 Percent In Less Than a Year Read More »
Federal Reserve Chair Jerome Powell abandoned his “transitory” inflation narrative months ago and has since steered the central bank toward its tried-and-true playbook for taming inflation: Raise interest rates until demand recedes and soaring price growth abates.