What’s Ahead For Mortgage Rates This Week – August 22, 2022

Mortgage Rates August 22, 2022Last week’s economic reporting included readings on home builder confidence in housing market conditions, Commerce Department readings on building permits issued, and housing starts along with readings on retail sales. Weekly readings on mortgage rates and jobless claims were also published.

NAHB: Home Builder Confidence Falls for 8th Consecutive Month in August 

The National Association of Home Builders reported an index reading of 49 for home builder confidence in August. Analysts expected a reading of 54 and July’s index reading was 55. Readings over 50 indicate that a majority of home builders surveyed viewed current housing market conditions as positive. Builders surveyed cited ongoing concerns including rising materials and labor costs and a lack of buildable lots, but rapidly rising mortgage rates and the resulting higher costs of buying a home increased home builders’ concerns about the U.S. housing market.

Builders reported making buyer concessions including lowering home prices and adding buyer incentives. 20 percent of home builders surveyed said that they reduced home prices within the last month.

Component readings for home builders’ confidence were also lower. Sales expectations for the next six months fell two points; the index reading for prospective buyer traffic fell by 5 points to 32 points. Regional readings also showed lower readings for builder confidence. The Western region reported 11 points lower builder confidence in July; home builder confidence in the Northeastern region fell by nine points and home builder confidence was seven points lower in the South. Home builder confidence in the Midwestern region fell by three points.

Mortgage Rates, Initial Jobless Claims Fall

Freddie Mac reported lower average mortgage rates last week as fixed-rate mortgages averaged 5.13 percent and were nine basis points lower. Rates for 15-year fixed-rate mortgages averaged 4.55 percent and four basis points lower. Rates for 5/1 adjustable rate mortgages averaged four basis points lower at 4.39 percent. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 0.70 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

Initial jobless claims fell to 250,000 initial claims filed as compared to 252,000 first-time jobless claims filed in the previous week. Analysts expected 260,000 initial jobless claims to be filed last week. Continuing jobless claims rose to 1.44 million claims from the previous week’s reading of 1.43 million ongoing jobless claims filed.

What’s Ahead

This week’s scheduled economic reporting includes readings on sales of new homes and pending home sales, inflation, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published.

/by

What’s Ahead For Mortgage Rates This Week – August 15, 2022

What's Ahead For Mortgage Rates This Week - August 15, 2022Last week’s economic reporting included readings on inflation and consumer sentiment along with weekly readings on mortgage rates and jobless claims.

Inflation Rate Unchanged in July

According to the government’s Consumer Price Index, month-to-month inflation did not rise in July as compared to June’s reading of 1.30 percent growth. Analysts expected a reading of 0.20 percent inflationary growth. Inflation rose by 8.50 percent year-over-year against expectations of 8.70 percent year-over-year growth and June’s year-over-year inflationary growth of 9.10 percent. Core inflation, which excludes volatile food and fuel sectors, rose by 0.30 percent month-to-month in July. Analysts expected a core inflation rate of  0.50 percent month-to-month in July based on June’s reading of 0.70 percent growth. 

Core inflation rose by 5.90 percent year-over-year in July; analysts expected a reading of 6.10 percent based on June’s year-over-year reading of 5.90 percent.

Lower gas prices contributed to slower inflation, but analysts said there were no guarantees of ongoing reductions in fuel prices.

Mortgage Rates, Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by 23 basis points to 5.22 percent. The average rate for 15-year fixed-rate mortgages rose by 33 basis points to 4.59 percent and the average rate for 5/1 adjustable-rate mortgages rose by 18 basis points to 4.43 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.00 percent for 5/1 adjustable-rate mortgages.

Initial jobless claims rose to 262,000 new claims filed as compared to the expected reading of 264,000 first-time jobless claims filed. and the previous week’s reading of 248,000 initial claims filed. Continuing jobless claims also rose with 1.43 million ongoing jobless claims filed as compared to 1.42 million continuing jobless claims filed in the previous week.

The University of Michigan published its preliminary consumer sentiment index for August. Consumer sentiment rose to an index reading of 55.10 as compared to the expected reading of 52.50 and July’s index reading of 51.5. Index readings above 50 indicate that a majority of consumers surveyed had a positive view of current economic conditions.

What’s Ahead

This week’s scheduled economic releases include readings on home prices, sales of previously-owned homes, along with reports on building permits issued, housing starts, and data on retail sales. Weekly readings on mortgage rates and jobless claims will also be published. 

/by

What’s Ahead For Mortgage Rates This Week – August 8, 2022

What's Ahead For Mortgage Rates This Week - August 8, 2022

Last week’s economic reports included readings on construction spending, government reports on jobs, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released.

Commerce Department Reports Construction Spending Rose in May

The U.S. Commerce Department initially reported less construction spending in May but revised its reading of $1.780 trillion to show that spending rose by 0.10 percent in May to a seasonally adjusted annual rate of $1.782 trillion. Analysts expected construction spending to rise by 0.40 percent month-to-month as compared to April’s reading of  0.10 percent growth. Construction spending grew by 8.30 percent year-over-year. Concerns over high inflation and affordability of homes presented ongoing concerns for home builders,

Mortgage Rates Fall, Jobless Claims Rise

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by 31 basis points to 4.99 percent. Rates for 15-year fixed-rate mortgages averaged 32 basis points lower at 4.26 percent. 5/1 adjustable rate mortgages averaged 0.04 basis points lower at 4.25 percent. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 0.6 percent for 15-year fixed-rate mortgages. Rates for 5/1 adjustable rate mortgages averaged 4.25 percent and were four basis points lower with discount points averaging 0.30 percent.

Initial jobless claims rose to 260,000 new claims as compared to the previous week’s reading of 254,000 first-time claims filed. Continuing jobless claims also rose with 1.42 million claims filed; 1.37 million ongoing claims were filed in the previous week.

Non-Farm Payrolls rose by 528,000 jobs in July, which was more than twice the predicted reading of 258,000 jobs added and more jobs added than in June, when 398,000 jobs were added. The national unemployment rate fell to 3.50 percent in July from June’s reading of 3.60 percent. While job growth suggested increasing economic stability, uncertainty over inflation and consumer concerns about high prices for housing, gas, and food kept optimism in check.

What’s Ahead

This week’s scheduled economic reporting includes readings on inflation and the University of Michigan’s preliminary monthly report on consumer sentiment along with weekly readings on mortgage rates and jobless claims.  

/by

What’s Ahead For Mortgage Rates This Week – August 1, 2022

What's Ahead For Mortgage Rates This Week - August 1, 2022Last week’s economic news included readings on home price growth, new and pending home sales, and inflation. Weekly reports on mortgage rates and jobless claims were also released.

S&P Case-Shiller: Home Price Growth Slows in May

Home prices rose at a slower pace in May according to the S&P Case-Shiller National Home Price Index. Year-over-year home prices rose by 19.70 percent in May as compared to April’s year-over-year reading of 20.60 percent in home price appreciation. Tampa, Florida led S&P Case-Shiller’s 20-City Home Price Index with 36.10 percent year-over-year home price growth. Miami, Florida followed with 34.00 percent home price appreciation. Dallas, Texas reported a 30.80 percent growth rate in home prices.

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported 1.40 percent growth in home prices month-to-month and 18.30 percent growth year-over-year for May. FHFA data covers purchase-only transactions associated with home loans owned or backed by Fannie Mae and Freddie Mac. Analysts said that slower growth in home prices signaled a cooling market after years of rapidly rising home prices.

The Commerce Department reported the lowest number of new home sales since the pandemic. New homes sold at a seasonally-adjusted annual pace of 590,000 sales in June as compared to May’s reading of 642,000 sales. Rising mortgage rates and high home prices eroded affordability for first-time and moderate-income home buyers.

Mortgage Rates and Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week as rates for 30-year fixed-rate mortgages fell by 24 basis points to 5.30 percent; rates for 15-year fixed-rate mortgages averaged 4.58 percent and 17 basis points lower than for the previous week. Rates for 5/1 adjustable rate mortgages averaged 4.29 percent and were two basis points lower on average. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Fewer first-time jobless claims were filed last week with 256,000 claims filed as compared to the previous week’s reading of 261,000 initial claims filed. Analysts expected 249,000 first-time jobless claims to be filed last week.

The Federal Reserve moved to slow inflation by raising its target interest rate range from 1.50 percent to 1.75 percent to 2.25 to 2.50 percent. Interest rates are expected to rise for consumer loans, credit cards, and variable-rate education loans. The Commerce Department’s personal consumption price index rose by one percent in June, which was the fastest month-to-month growth rate in 40 years. Analysts expected inflation to increase by 0.90 percent.  

What’s Ahead

This week’s scheduled economic reporting includes readings on construction spending and job growth; weekly readings on mortgage rates and jobless claims will also be released. 

/by

What’s Ahead For Mortgage Rates This Week – July 25, 2022

What's Ahead For Mortgage Rates This Week - July 25, 2022Last week’s economic news included readings from the National Association of Home Builders on home prices, Commerce Department readings on building permits issued, and housing starts.  The National Association of Realtors® reported on sales of previously-owned homes; weekly reports on mortgage rates and jobless claims were also released.

NAHB Housing Market Index Posts Lowest Reading Since May 2020

The housing market is cooling off according to July’s NAHB Housing Market Index, which declined to an index reading of 55 as compared to June’s reading of 67 and the expected reading of 66. July’s reading was the second lowest posted since the start of the index and was the seventh consecutive monthly decline in home prices.

Component readings for the Housing Market Index were also lower. Homebuilder confidence in sales conditions over the next six months lost 11 points for an index reading of 50 points. Homebuilders surveyed were less certain about expected buyer traffic in new housing developments as July’s reading decreased by 11 points to 37.

Regional results were also lower as builder confidence in the Northeastern region slipped by five points to an index reading of 57. Home builder confidence in the Midwestern regions fell by six points to 49. The Southern region’s reading was 15 points lower in July with an index reading of 60; home builder confidence in current market conditions in the Western region declined from June’s reading of 64 to 48 in July. Coastal metro areas that enjoyed rapidly rising home values saw declines in home values as affordability and demand for high-priced homes shrank amid economic uncertainty.

June Sales of Previously-Owned Homes Fall as Mortgage Rates Rise

Sales of previously-owned homes fell in June with 5.12 million sales completed on a seasonally-adjusted annual basis. Analysts expected a reading of 5.36 million sales; 5.41 million sales of previously-owned homes were reported in May. Rapidly rising mortgage rates and inflation sidelined prospective home buyers concerned about higher closing costs and rising day-to-day living expenses.

Freddie Mac reported higher fixed mortgage rates last week as rates for 30-year fixed-rate mortgages averaged 5.54 percent and three basis points higher. 15-year fixed-rate mortgages averaged 4.75 percent and were eight basis points higher. Rates for 5/1 adjustable-rate mortgages averaged  4.31 percent and four basis points lower than in the previous week. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable-rate mortgages.

Initial jobless claims rose to 251,000 new claims filed as compared to the prior week’s reading of 244,000 new jobless claims filed and the expected reading of 240,000 first-time claims filed. 1.38 million ongoing jobless claims were filed last week as compared to the prior week’s reading of 1.33 million continuing claims filed.

What’s Ahead

This week’s scheduled economic news includes readings on new home sales inflation and consumer sentiment  Weekly readings on mortgage rates and jobless claims will also be published. 

/by

What’s Ahead For Mortgage Rates This Week – July 18, 2022

What's Ahead For Mortgage Rates This Week - July 18, 2022Inflation dominated last week’s economic readings and predictions as it hit a year-over-year growth rate of  9.10 percent in July. Inflation reached its highest year-over-year growth rate since 1981. Gasoline prices eased somewhat, but not enough to provide relief against a backdrop of high housing and food prices. Low and moderate-income consumers were disproportionately impacted as rents rose beyond near-record inflation and home prices remained out of reach for many would-be home buyers.

Inflation Causing Hardship for Moderate-Income Consumers

Consumers faced with rapidly growing expenses turned to credit cards for purchasing food and household items; this trend suggests that as interest rates rise, more households could experience increasing financial stress as paying off consumer debt becomes more difficult.

The Consumer Price Index rose by 1.3 percent in June on a month-to-month basis; analysts expected a month-to-month reading of 1.1 percent inflationary growth based on May’s reading of 1.0 percent growth. The core Consumer Price Index, which excludes volatile food and fuel sectors, rose by 0.70 percent in June and exceeded analysts’ expected reading of 0.50 percent growth and May’s month-to-month reading of 0.60 percent growth.

Year-over-year inflation reached 9.10 percent in June and surpassed analysts’ expectations of 8.80 percent- year-over-year-inflationary growth and May’s year-over-year reading of 8.60 percent growth. Core inflation rose by 5.90 percent year-over-year in June and fell short of analysts’ forecasts of 5.7 percent year-over-year growth. May’s year-over-year reading for inflationary growth was 6.0 percent and could suggest that inflation has peaked.

Mortgage Rates Rise After Fed Raises Key Interest Rate Range

Although the Federal Reserve raised its key interest rate range in an attempt to slow inflation, mortgage rates also rose last week. Freddie Mac reported that rates for 30-year fixed-rate mortgages rose by 21 basis points to 5.51 percent on average. Rates for 15-year fixed-rate mortgages averaged 22 basis points higher at 4.67 percent. The average rate for 5/1 adjustable rate mortgages was 16 basis points higher at 4.35 percent; discount points averaged 0.80 percent for fixed-rate mortgages and 0.20 percent for 5/1 adjustable rate mortgages.

New jobless claims rose last week with 244,000 first-time claims filed as compared to the previous week’s reading of 235,000 initial jobless claims filed. Fewer ongoing jobless claims were filed last week with 1.33 million continuing claims filed as compared to the prior week’s reading of 1.37 million ongoing jobless claims filed.

Consumer concerns over inflation eased in July with a preliminary reading of 51.1 reported in the University of Michigan’s preliminary consumer confidence index. Any reading over 50 indicates that most consumers surveyed were confident about current economic conditions.

What’s Ahead

This week’s scheduled economic reporting includes readings on home prices, building permits issued, and housing starts. Data on sales of previously-owned homes will be released along with weekly readings on mortgage rates and jobless claims.  

 

/by

What’s Ahead For Mortgage Rates This Week – July 5, 2022

What's Ahead For Mortgage Rates This Week - July 5, 2022Last week’s scheduled economic news included reports on home prices, pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.

S&P Case-Shiller: National Home Price Growth Ticks Down in April

Home price growth slowed in April according to the S&P Case-Shiller National Home Price Index as growth slowed by 0.20 percent to a 20.40 percent gain year-over-year. Slower growth in home prices suggested that affordability concerns have caught up with the rapid home price growth seen during the pandemic.

The S&P Case-Shiller 20-City Home Price Index reported that Tampa, Florida home prices gained 35.8 percent year over year in April followed by a 33.3 percent price gain in Miami, Florida. Home prices in Phoenix, Arizona grew by 31.3 percent year-over-year.

Pending home sales rose by 0.70 percent in May as compared to April’s reading of -0.40 percent.  Analysts expected pending home sales to fall by 0.40 percent in May.

Fixed Mortgage Rates, Jobless Claims Fall

Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by 11 basis points to 5.70 percent. Rates for 15-year fixed rate mortgages averaged 4.83 percent and were nine basis points lower than in the prior week. The average rate for 5/1 adjustable rate mortgages rose by nine basis points to 4.50 percent. Discount points averaged 0.90 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. 

New jobless claims fell to 231,000 claims filed last week as compared to 233,000 initial claims filed in the prior week. Continuing jobless claims were unchanged with 1.33 million ongoing claims filed last week.

In other news, the federal government reported that the Consumer Price Index rose by 8.60 percent year-over-year in May. This was the highest reading since 1981. Rising inflation was largely caused by rising food and fuel prices. The month-to-month reading for the Consumer Price index rose to 0.60 percent in May as compared to April’s month-to-month reading of 0.20 percent growth. Analysts said that the economy is slowing due to rising consumer prices and interest rates; the  Federal Reserve recently rose its key interest rate range to 0.75 to 1.00 percent to ease rapidly rising inflation.

What’s Ahead

This week’s scheduled economic reports include labor sector data on job growth, the national unemployment rate, and job openings. Weekly readings on mortgage rates and jobless claims will also be released.

/by

Case-Shiller: Home Price Growth Slows in April

Case-Shiller: Home Price Growth Slows in April

U.S. home price growth continued but slowed in April according to the S&P Case-Shiller Home Price Indices. The national home price index posted year-over-year home price growth of 20.4 percent in April as compared to the corresponding home price growth rate of 20.6 percent in March. Analysts said that diminishing affordability was slowing rapid gains in home prices seen during the pandemic.

20-City Home Price Index: Florida and Arizona Report Top Home Price Growth Rates

The top three cities for year-over-year home price growth in April’s 20-City Home Price Index were Tampa, Florida with a reading of 35.8 percent; Miami, Florida reported 33.3 percent growth and Phoenix, Arizona reported a year-over-year home price growth rate of 31.3 percent.

Nine of the 20 cities included in the index reported higher price gains in April as compared to March. All 20 cities reported higher home prices in April than in March. While analysts noted the slower pace of home price growth, they cautioned against expecting falling home prices any time soon. Craig J. Lazzara, managing director of S&P Dow Jones Indices said that April’s increase in home prices ranked in the top 20 percent of historical experience for every city, and in the top 10 percent for 19 of the cities included in the 20-City Home Price Index.

FHFA House Price Index: Home Prices Rise in April

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported a year-over-year home price growth rate of 18.8 percent for single-family homes owned or financed by Fannie Mae or Freddie Mac. Home prices of homes owned or financed by Fannie Mae and Freddie Mac rose at a month-to-month pace of 1.6 percent in April.

The FHFA Home Price Index reports on home prices across the nine Census divisions; month-to-month home price growth ranged from 0.3 percent in the East South-Central division to 14.1 percent in the Mid-Atlantic division to 23.5 percent in the South Atlantic division. The FHFA Home Price Index is based on single-family home sales data from more than 400 cities in all 50 states. 

/by

What’s Ahead For Mortgage Rates This Week – June 27, 2022

What's Ahead For Mortgage Rates This Week - June 27, 2022

Last week’s economic reporting included readings on home sales, Fed Chair Jerome Powell’s testimony on monetary policy to the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly reports on mortgage rates and jobless claims were also released.

New Home Sales Pace Rises as Pre-Owned Homes Sales Pace Slows

The Commerce Department reported a seasonally-adjusted annual pace of 696,000 new homes sold in May; analysts predicted a year-over-year pace of 587,000 new homes sold as compared to April’s year-over-year pace of 629,000  new homes sold. While the year-over-year pace of new home sales increased by 10.70 percent month-to-month in May, the year-over-year sales pace for new homes fell by 5.90 percent.

Increasing materials and labor costs continued to challenge home builders, but high demand for homes fueled sales of new homes even as mortgage rates and home prices rose.  The median price of new homes sold in May fell to $449,000 from April’s record high of $454,700. The inventory of available homes fell by 7.20 percent in May, which equaled a 7.70-month supply of new homes for sale.

Regional results for new home sales were mixed; sales of new homes fell by -51.10 percent in the Northeast and were -18.30 percent lower in the Midwest. New home sales rose by 12.80 percent in the South and were 39.30 percent higher in the West.

In other news, Fed Chair Jerome Powell spoke on monetary policy before the House Financial Services Committee and explained the Fed’s strategy to ease inflation through a series of interest rate increases intended to cut into consumers’ purchasing power. 

Mortgage Rates Rise; New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by three basis points to 5.81 percent. Rates for 15-year fixed-rate mortgages averaged 4.92 percent and were 11 basis points higher than in the previous week. The average rate for 5/1 adjustable rate mortgages was eight basis points higher at 4.41 percent. Discount points averaged 0.80 percent for 30-ye

ar fixed-rate mortgages and 0.90 percent for 15-year fixed-rate mortgages.

Initial jobless claims fell to 229,000 new filings last week as compared to 231,000 new claims filed in the previous week. Analysts expected 225,000 new jobless claims last week. Continuing jobless claims inched up with 1.32 million continuing claims filed as compared to the previous week’s reading of 1.31 ongoing jobless claims filed.

The University of Michigan’s Consumer Sentiment Index fell to an index reading of 50.0 for June as compared to May’s reading of 50.2 and the expected June reading of 50.2. Consumer concerns over fuel prices and rising inflation eroded consumer confidence in the economy. Readings above 50 indicate that most consumers have a positive outlook on current economic conditions.

What’s Ahead

This week’s scheduled economic reports include readings from Case-Shiller on home prices, pending home sales,  and construction spending. Weekly readings on mortgage rates and jobless claims will also be released.

/by

What’s Ahead For Mortgage Rates This Week – June 21, 2022

What's Ahead For Mortgage Rates This Week - June 20, 2022Last week’s economic news included reporting on home builder confidence in national and regional housing markets, a post-meeting statement from the Federal Reserve’s Federal Open Market Committee, and Fed Chair Jerome Powell’s news conference. The National Association of Home Builders released its national and regional housing market indices. Weekly readings on mortgage rates and jobless claims were also published.

NAHB Housing Market Indices Reflect Slowing Growth in Housing Markets

June readings from the National Association of Home Builders showed slower growth in builder confidence in current and future U.S. housing markets. The NAHB reported the lowest reading in two years for June’s housing market indices as builder confidence fell for the sixth consecutive month. June’s index reading for the National Housing Market index fell two points to 67 and matched analysts’ forecasts. Readings over 50 indicate a majority of home builders are positive about housing market conditions.

NAHB chair Jerry Konter said, “Six consecutive monthly declines in home builder confidence is a clear sign of a slowing housing market in a high inflation, slow growth economic environment.” Mr. Konter also noted the impact of rising mortgage rates on entry-level and moderate-income home buyers: “Entry-level markets were particularly affected by declines in housing affordability…builders are adopting a more cautious stance as demand softens with higher mortgage rates.” Rising mortgage rates added to builders’ ongoing concerns with high materials costs and shortages of skilled workers.

NAHB’s regional homebuilder indices also declined with homebuilder sentiment in the West falling by nine points; the Midwestern regional index dropped by six points. Home builder sentiment decreased by two points in the South and by one point in the Northeast.

On Wednesday, the Federal Open Market Committee of the Federal Reserve announced that it would raise its benchmark interest rate range by 0.75 percent in its attempts to slow inflation. The Federal Reserve has a dual mandate of maintaining inflation at or near two percent and achieving maximum employment. The Fed is expected to raise its key rate range into 2024 in its efforts to ease inflation.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported a jump in average mortgage rates last week after the Fed announced its decision to raise its benchmark interest rate range to 0.75 to 1.00 percent. This was the highest federal funds range increase since 1981. The average rate for 30-year fixed-rate mortgages rose by 55 basis points to 5.78 percent; the average rate for 15-year fixed-rate mortgages rose by 43 basis points to 4.81 percent. The average rate for 5/1 adjustable rate mortgages rose by 21 basis points to 4.33 percent. Discount points averaged 0.90 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Initial jobless claims fell to 229,000 first-time claims filed last week as compared to the prior week’s reading of 232,000 first-time claims filed and the expected reading of 220,000 new jobless claims filed. Last week’s reading for continuing jobless claims was unchanged with 1.31 million ongoing claims filed.

What’s Ahead

This week’s scheduled economic news includes readings on sales of previously owned homes and testimony by Fed chair Jerome Powell to the Senate Banking Committee and the House Financial Services Committee. The University of Michigan will release its monthly index reading on consumer sentiment and weekly readings on mortgage rates and jobless claims will also be released. 

/by