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ECB Stimulus Disappoints

During a week packed with major economic news, the biggest story came from Europe. On Thursday, the ECB added less stimulus than expected, causing global bond yields to increase sharply. Weaker than expected manufacturing data on Tuesday helped offset the increase in mortgage rates, however. Friday's key labor market data had little net impact. [...] Read more

ECB Hints at More Stimulus

Increased expectations for additional stimulus in Europe were positive for mortgage rates over the past week. The economic data and the Fed Minutes had little impact. Mortgage rates ended the week a little lower. While Wednesday's Minutes from the October 28 Fed meeting caused little reaction, the Minutes from the October 22 European Central Bank [...] Read more

Retail Sales Fall Short

The recent trend toward higher mortgage rates paused this week. A shortfall in the retail sales data and increased expectations for additional stimulus in Europe were positive for mortgage rates, which ended the week slightly lower. After strong readings over the summer, retail sales, which account for roughly 70% of economic activity, have been [...] Read more

Mortgage Rates React to Fed

The statement released following Wednesday's Fed meeting was not good for mortgage rates. This week's economic data was roughly neutral. As a result, mortgage rates ended the week higher. Central banks around the world have had a heavy influence on mortgage rates recently. Last week, the increased willingness of the European Central Bank (ECB) to [...] Read more

Foreign Central Banks

Foreign central banks were the main influence on U.S. mortgage rates over the past week. The news from Europe was a net positive, while China's policy change was negative. They mostly offset each other, and mortgage rates ended the week just a little higher. On Thursday, European Central Bank (ECB) President Mario Draghi suggested that the ECB may [...] Read more

Signs of Slower Growth

Over the past week, the effects of a batch of weaker than expected economic reports more than offset a higher than expected inflation reading. As a result, mortgage rates ended the week a little lower. Recent economic data has suggested that the pace of economic growth in the U.S. is slowing. Retail Sales, excluding the volatile auto component, [...] Read more

Jobs Fall Short

Weaker than expected economic data released this week reduced the outlook for future inflation. This caused mortgage rates to improve, and they ended the week at their best levels since April. Friday's key Employment report was disappointing nearly across the board. Against a consensus forecast of 205K, the economy added just 142K jobs in [...] Read more

Yellen Clarifies Fed Policy

This week, mortgage rates gave back some of the improvement seen following last week's Fed meeting. The reversal was helped along by comments from Fed Chair Yellen. Recent economic data was mixed and had little impact. Mortgage rates ended the week a little higher. On Thursday night, Fed Chair Yellen gave her first speech since the Fed meeting on [...] Read more

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