What’s Ahead For Mortgage Rates This Week – April 10, 2023

Financial Reports
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. Commerce Department: February Construction Spending Falls The U.S. Commerce Department reported less construction spending in February than in January as construction spending fell by 0.10 percent to a year-over-year reading of $1.844 trillion for all types of construction. Year-over-year construction spending increased by 5.20 percent.  While total construction spending fell in February, residential construction spending increased. Spending on single-family home construction slowed due to builders’ concerns over…
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What’s Ahead For Mortgage Rates This Week – April 10, 2023

Financial Reports
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. Commerce Department: February Construction Spending Falls The U.S. Commerce Department reported less construction spending in February than in January as construction spending fell by 0.10 percent to a year-over-year reading of $1.844 trillion for all types of construction. Year-over-year construction spending increased by 5.20 percent.  While total construction spending fell in February, residential construction spending increased. Spending on single-family home construction slowed due to builders’ concerns over…
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S&P Case-Shiller Home Price Indices: Home Prices Fall In November

Financial Reports
U.S. home prices continued to fall in November according to S&P Case-Shiller’s month-to-month national and 20-city home price indices, but home price growth rates remained in positive territory year-over-year. The national home price index posted a  7.70 percent year-over-year home price growth rate as of November 2022. 20-city home price index posts 5th consecutive month-to-month decrease in November The S&P Case-Shiller 20-city home price index for November reported that the top three cities for home price growth were Miami, Florida with a year-over-year home price growth rate of 18.4 percent; Tampa, Florida followed with a  year-over-year home price growth rate…
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