Linda Culotta

Market Rate Mortgages

  • Home
  • About
    • About
    • My Podcast Episodes
  • Resources
    • Market Rate Mortgages, LLC NMLS#213838 – Market Update
    • First Time Buyer Tips
    • First Time Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Programs
    • Loan Process
    • Mortgage FAQ
    • Mortgage Glossary
  • Calculator
  • Reviews
    • Leave a Review
    • Reviews
    • Zillow Reviews
    • Additional Reviews
  • Apply Now
  • Blog
  • Contact Me

What’s Ahead For Mortgage Rates This Week – July 15th, 2019

July 15, 2019 by Linda Culotta

What’s Ahead For Mortgage Rates This Week – July 15th, 2019Last week’s economic releases included reports on inflation, core inflation and minutes from the Federal Open Market Committee Meeting held June 18 and 19. Weekly readings on mortgage rates and first-time jobless claims were also released.

Inflation Rate Rises, but Grows at Lowest Pace in Four Months

June’s Consumer Price Index reported the lowest rate of inflation in four months with a year-over-year rate of 1.60 percent growth as compared to May’s year-over-year inflation rate of 1.80 percent. Fuel prices were lower, which helped balance rising costs of rent, clothing and autos. Analysts said that falling inflation rates would be a primary reason why the Fed is likely to cut its key interest rate range later this month.

Core inflation, which excludes volatile food and energy sectors, rose 0.30 percent in June and surpassed expectations of 0.20 percent growth and May’s 0.10 percent growth rate.

Federal Reserve policymakers base their decisions  on the Fed’s dual mandate of maintaining maximum employment and economic growth, which is benchmarked at 2.00 percent annual inflation. FOMC members repeatedly state their commitment to reviewing domestic and global economic news and willingness to adjust Fed policy according to changing economic conditions and current events.

Mortgage Rates, New Jobless Claims

Freddie Mac  reported little change in average mortgage rates last week; Rates for 30-year fixed rate mortgages were unchanged at 3.75 percent; rates for 15-year fixed rate mortgages rose four basis points on average to 3.22 percent. The average rate for 5/1 adjustable mortgages rose one basis point to 3.40 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Initial jobless claims fell by 13,000 claims to 209,000 claims filed and was lower than the expected reading of 221,000 new claims filed.  The July 4 holiday likely impacted the number of initial claims filed.

What‘s Next

This week’s scheduled economic news includes the National Association of Home Builders Housing Market Index, Commerce Department readings on housing starts and building permits issued and a report on consumer sentiment. Weekly readings on mortgage rates and new jobless claims will also be released.

Linda Culotta

Filed Under: Financial Reports Tagged With: Financial Reports, Interest Rates, Mortgage Rates

Linda Culotta

Linda Culotta

Broker/Owner - Loan Officer
Market Rate Mortgages, powered by Fidelity Direct Mortgage
Call (239) 398-3978
linda.culotta@fdmhome.com
NMLS# 213838
Licensed to work in: Florida (LO67655)
Get a Rate Quote →

Click to Download My App!
Linda Culotta

Connect with Me

How can I help?

  • This field is for validation purposes and should be left unchanged.

Browse articles by category

Archives

Quick Links

  • About
  • Accessibility Statement
  • Privacy Policy
  • Contact Us
NMLS# 213838
Licensed to work in: Florida (LO67655)

Equal Housing Lender

Our Location


Naples, Florida 34114

Copyright © 2023 · Powered by MySMARTblog

Copyright © 2023 · Genesis Sample Theme on Genesis Framework · WordPress · Log in