16
May
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NAHB: May Home Builder Confidence Hits Highest Level in 7 Months

The National Association of Home Builders reported the highest builder confidence reading in seven months for May. May's reading exceeded expectations for an index reading of 64 and rose three points to 67. Component readings for the main NAHB reading were also higher. Builder confidence in current housing market conditions rose three points to 72; confidence in housing market conditions for the next six months rose one point to 72 and the reading for buyer traffic in single-family housing developments rose two points to 49. Any reading over 50 indicates most builders are positive about housing market conditions, but the…
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02
May
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FOMC Statement: No Changes to Key Fed Rate

The meeting of the Federal Reserve's Federal Open Market Committee ended Wednesday with the Committee's customary post-meeting statement recapping monetary policy matters considered by the Committee. Members voted not to change the current target rate range of the federal funds rate. The current rate range of 2.25 percent to 2.50 percent. Federal Funds Target Rate Range: Monetary Policymakers Remain "Patient" FOMC members cited low inflation pressures, global and domestic economic and financial developments as supporting the Committee's decision to leave the Federal funds rate unchanged despite recent political pressures to lower the rate and increase the Fed's accommodative stance toward boosting…
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18
Apr
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NAHB: Home Builder Confidence Rises in April

Home builder confidence increased in April to an index reading of 63, which was one point higher than for March and the highest reading in six months. Analysts said that April's reading revealed more about housing market conditions in the past six months than it was an indicator of future market conditions. November's builder confidence reading was the lowest since housing markets tanked in 2008, Builder confidence recovered over the past few months despite headwinds including higher materials costs and shortages of labor and buildable lots. Home Builder Confidence Holds Steady Despite Headwinds NAHB Housing Market Index readings over 50…
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21
Jul
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What’s Ahead For Mortgage Rates This Week – July 21, 2014

Last week's economic news offered a variety of indications that the economic recovery continues, but some readings missed their expected levels. The Philadelphia and New York branches of the Federal Reserve Bank reported higher than anticipated manufacturing for their respective regions and new jobless claims were lower than expected. Fed Chair's Senate Testimony Hints at Coming Interest Rate Hike Federal Reserve Chair Janet Yellen testified that the Fed might have to raise interest rates sooner than expected if the economy continues to outperform the Fed's projections. Ms. Yellen said that the central bank presently estimates that the first rate increases…
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