The Latest News
Get caught up with the latest mortgage news from the Whitener Team!
Last week’s scheduled economic reports included preliminary monthly readings on inflation and consumer sentiment along with weekly reporting on mortgage rates and jobless claims.
University of Michigan Reports Slower Inflationary Growth
The University of Michigan predicted lower inflationary growth as December’s year-over-year reading for inflation fell to 4.6 percent from November’s year-over-year reading of 4.9 percent. This was the lowest inflation reading since September 2021. Analysts credited lower gasoline prices for slowing rapid inflation rates seen in recent months.
Falling gas prices also contributed to higher consumer sentiment levels reported in December’s edition of the University of Michigan’s Consumer Sentiment Index. Consumer sentiment rose to an index reading of 59.1 in December as compared to November’s reading of 56.8 and analysts’ expected reading of 56.5.
Component readings for current consumer sentiment data included consumer sentiment regarding current economic conditions and consumer views about economic conditions within the next six months. December’s index reading for consumer views of current economic conditions rose to 60.2 from November’s index reading of 58.8. The index reading for consumer views of economic conditions within the next six months rose to 58.4 from November’s reading of 55.6.
Mortgage Rates Fall, Jobless Claims Rise
Freddie Mac reported lower average mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by 16 basis points to 6.33 percent. The average rate for 15-year fixed-rate mortgages fell by nine basis points to 5.67 percent.
First-time jobless claims rose to 230,000 claims from the previous week’s reading of 225,000 initial claims filed. Ongoing jobless claims also increased last week with 1.67 million continuing claims filed as compared to the previous week’s reading of 1.61 million ongoing jobless claims filed.
What’s Ahead
This week’s scheduled economic events include reports on inflation, the post-meeting statement of the Fed’s Federal Open Market Committee, and Fed Chair Jerome Powell’s press conference after the FOMC statement.
Outside of the significant financial responsibility of delving into home ownership, there can also be a lot of other risks involved that you may not have thought about before investing in a home. You’ll need to protect your home against theft or burglary. And homeowner’s insurance to protect your home and belongings is almost a requirement. But there are other less common occurrences you may not have thought about. If you happen to be living in an area that’s at high risk of fire, here are some things to consider beforehand.
Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more. Those who are interested in refinancing in an FHA mortgage may consider these steps.
For many people, investing in a house is one of the most important purchases they will make in their lifetime. However, alongside having the comfort of your own home, there are many financial benefits associated with buying in. If you’re currently perusing the market for opportunities, here are some reasons to consider investing a little sooner.
Last week’s economic news included readings on home prices, inflation, and data on public and private-sector jobs. Weekly readings on mortgage rates and jobless claims were also released.
