Ishakis Finance Report Mortgage Broker Brooklyn
Loan Officer Yael Ishakis’s take on mortgage and finance news.
Federal Reserve policymakers left the Fed’s current interest rate range unchanged at 5.00 to 5.25 percent; the Fed decision was announced after a scheduled meeting of the Fed’s Open Market Committee ended on Wednesday.
Last week’s scheduled economic news included results from Fannie Mae’s National Housing Survey and weekly readings on mortgage rates and jobless claims.
Limited supplies of homes for sale drove home prices up in March. Home prices rose by 0.40 percent month-to-month as compared to 0.70 percent year-over-year. Cities with the highest rates of home price growth were Miami, Florida, where home prices rose 7.70 percent year-over-year, Tampa, Florida with a year-over-year pace of 4.80 percent home price growth, and Charlotte, North Carolina, where home prices rose by 4.70 percent year-over-year.
Homeowners weren’t in a hurry to sell their homes due to the low mortgage rates they obtained during the pandemic. Current mortgage rates are higher than pandemic-era rates, which influenced homeowners to stay in their homes and keep their lower existing mortgage rates.
Last week’s economic reporting included readings on U.S. housing markets, sales of previously-owned homes, housing starts, and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.
Last week’s economic reporting included readings on home prices, sales of new homes, and pending home sales. Monthly and year-over-year readings for inflation were published along with weekly reports on mortgage rates and jobless claims.
The National Association of Home Builders reported that builder confidence in current housing market conditions rose by one point to an index reading of 45 in April. April’s reading was the fourth consecutive month showing increasing builder confidence. The March and April index readings of 44 and 45 were the strongest since September 2022. A year ago the homebuilder confidence reading was 77.
Last week’s economic reporting included readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.
Last week’s economic reporting included readings on construction spending and labor sector readings on employment and the national unemployment rate for March. Weekly readings on mortgage rates and jobless claims were also released.
Last week’s economic reporting included readings on home prices, inflation, and pending home sales. Weekly readings on mortgage rates and jobless claims were also published.