Category Archives: Financial Reports

What’s Ahead For Mortgage Rates This Week – November 25th, 2019

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What's Ahead For Mortgage Rates This Week - November 25th, 2019Last week’s scheduled economic news releases included readings on builder sentiment from the National Association of Home Builders and. Commerce Department data on housing starts and building permits issued.

The National Association of Realtors® reported on sales of previously owned homes and the University of Michigan issued its monthly report on consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.

NAHB: Builder Sentiment Dips in November

Home builders were less optimistic about housing market conditions in November; the National Association of Home Builders Housing Market Index dipped by one point to an index reading of 70 for November. October’s reading of 71 was the highest in 20 months. Any reading over 50 indicates that most builders surveyed were positive about market conditions.

Sub-readings used to calculate the NAHB Housing Market Index reading were mixed. Builder confidence in market conditions for the next six months rose one point to 77, but builder sentiment dipped two points to 76 for current market conditions. Builder sentiment about buyer traffic in new housing developments dipped one point to 53; buyer traffic readings rarely exceed a reading of 50.

Relatively low mortgage rates helped offset builder concerns over tariffs on building materials, but pending winter weather conditions likely impacted lower builder enthusiasm over housing market conditions.

Commerce Department Reports Increased Housing Starts, Building Permits Issued

Housing starts and building permits rose in October; Housing starts rose to 1.314 million starts on a seasonally-adjusted annual basis as compared to September’sreading of 1.266 million starts.

Building permits issued increased from September’s reading of 1.391 million permits issued to October’s reading of 1.461 million permits issued. Building permits issued for new homes in October reached their highest level since the recession. Ongoing shortages of available homes continued to boost demand for homes; any increase in new construction helps balance supply and demand for homes.

Sales of previously-owned homes fell short of expectations with a reading of 5.46 million sales at a seasonally-adjusted annual rate in October; analysts expected a pace of 5.47 million sales based on September’s reading of 5.36 million sales. Year-over-year sales of previously-owned homes rose 4.60 percent.

Supplies of available homes continued to fall according to the National Association of Realtors® as inventories slipped to a 3.9 months supply in October. Real estate pros consider a six-months supply of homes as a healthy balance between available homes and home buyers.

Mortgage Rates, New Jobless Claims

Freddie Mac reported lower average mortgage rates last week; rates for 30-year fixed-rate mortgages fell nine basis points to 3.66 percent. Rates for 15-year fixed-rate mortgages averaged 3.15 percent and were five basis points lower.

The average rate for 5/1 adjustable rate mortgages also fell five basis points to 3.39 percent. Discount points averaged 0.60 percent for 30-year fixed-rate mortgages and 0.50 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.

New jobless claims were expected to drop to 218,000 claims filed but held steady at the prior week’s reading of 227,000 first-time claims filed.

The University of Michigan Consumer Sentiment Index rose to an index reading of 96.80 for November; analysts expected the reading to hold steady at October’s reading of 95.70 percent.

What’s Ahead

This week’s scheduled economic reports include readings on home prices from Case-Shiller; reports on new and pending home sales and a speech by Fed chair Jerome Powell. Weekly reports on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – November 18th, 2019

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What’s Ahead For Mortgage Rates This Week – November 18th, 2019Last week’s economic reporting included readings on inflation, testimony by Federal Reserve Chair Jerome Powell, and weekly readings on mortgage rates and new unemployment claims.

Rising Gas Prices Fuel Jump in Inflation

Consumer inflation increased at its fastest pace in seven months according to the Consumer Price Index for October. Consumer prices rose 0.40 percent and exceeded analysts’ forecast of 0.30 percent and September’s reading of 0.00 percent inflationary growth.  Analysts attributed the jump in prices to rapidly rising gasoline prices.

October’s reading for core inflation, which excludes fuel and food prices, supported this view. Core inflation grew by 0.20 percent in October, which matched expectations and exceeded September’s core inflation reading of 0.10 percent.

Year-over-year inflation rose from 1.70 percent to 1.80 percent; this was lower than the top year-over-year reading that approached 3.00 percent.

Fed Chair Says Interest Rates on Hold Unless Economy Deteriorates

In testimony before the Joint Economic Committee of Congress, Fed Chair Jerome Powell said,: “We see the current stance of monetary policy to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, a strong labor market,  and inflation near our symmetric rate of 2.00 percent.”

Mr. Powell said that Federal Reserve Policy is flexible and subject to adjustment as required by future news and economic events. The benchmark Federal Funds rate range is currently 1.50 percent to 2.00 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week. Rates for 30-year fixed-rate mortgages rose six basis points to 3.25 percent. Rates for 15-year fixed-rate mortgages rose seven basis points to 3.20 percent;  the average rate for 5/1 adjustable-rate mortgages rose five basis points to 3.44 percent.

Discount points averaged 0.60 percent for 30-year fixed-rate mortgages and 0.50 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable-rate mortgages averaged 0.40 percent.

225,000 first-time jobless claims were filed last week; this exceeded expectations of 210,000 new claims and the prior week’s reading of 211,000 new jobless claims filed. Analysts said the spike in new claims was caused by seasonal anomalies and not by layoffs. New jobless claims are likely to fall as the holiday season approaches and seasonal hiring picks up.

What’s Ahead

This week’s scheduled economic news includes readings from the National Association of Home Builders on housing market conditions; the Commerce Department readings on housing starts and building permits issued. Readings on sales of pre-owned homes and consumer sentiment will also be released along with weekly reports on mortgage rates and new jobless claims.

What’s Ahead For Mortgage Rates This Week – November 12th, 2019

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What’s Ahead For Mortgage Rates This Week – November 12th, 2019Last week’s scheduled economic news included the Federal Reserve’s survey of loan officers and the University of Michigan’s report on consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.

Fed Survey of Loan Officers Finds Banks Tightened Lending Standards

The Federal Reserve’s survey of financial institutions found that lenders tightened standards for credit card and other consumer loan approval. Lending officials said that concerns over the economy drove decisions to tighten standards for new credit cards, auto loans, and personal loans.

Lenders also tightened lending requirements for new borrowers in January and March. January’s revision to lending requirements was the strictest since 2009.

Lending officials surveyed said that less tolerance for risk and concerns over new borrowers’ ability to repay loans drove decisions to tighten loan approval requirements. Growing concerns over student loan debt may have influenced lenders’ reluctance to extend credit to new borrowers.

Survey respondents said that they did not tighten requirements for residential real estate loans, but did increase restrictions on commercial real estate loans. Survey participants included 76 domestic banks and 22 foreign banks and agents of federal banks.

Mortgage Rates, New Jobless Claims Fall

Freddie Mac reported lower average mortgage rates last week after the prior week’s spike. Rates for 30-year fixed-rate mortgages fell nine basis points and averaged 3.69 percent. Rates for 15-year fixed-rate mortgages fell six basis points to an average of 3.13 percent.

The average rate for 5/1 adjustable rate mortgages fell four basis points to 3.39 percent. Discount points averaged 0.50 percent for 30-year fixed-rate mortgages and 0.40 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

Initial jobless claims fell to a one-month low of 211,000 new claims filed; analysts said that last week’s reading approached a 50-year low and proved the staying power of the strongest job market in decades. In other news, the University of Michigan’s Consumer Sentiment Index rose to 95.70 in November as compared to October’s index reading of 95.50. Analysts expected consumer sentiment to fall to 95.00.

What’s Ahead

This week’s economic releases include reports on inflation and retail sales. Weekly readings on mortgage rates and initial jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – November 4th, 2019

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What’s Ahead For Mortgage Rates This Week – November 4th, 2019Last week’s economic reports included readings from Case-Shiller on home prices, pending home sales data and the post-meeting statement announcement from the Fed’s Federal Open Market Committee were released.

Labor sector reports on jobs and the national unemployment rate were also released. Weekly readings on mortgage rates and initial jobless claims were also published.

Case-Shiller: Home Price Growth Slows in August

Home price growth slowed by 0.20 percent in August for the first time since August 2018. Home price growth rates typically decrease in August as peak home-buying season passes. The Case-Shiller 20-City Home Price Index showed a geographical shift away from the West and Southwest in August as two of the three cities with the highest home price growth rates were in the Southeast.

Home prices in Phoenix, Arizona held the top spot in the 20-City Home Price Index with a seasonally-adjusted annual growth rate of 6.30 percent. Home prices in Charlotte, North Carolina and in Atlanta, Georgia rose 4.50 and 4.00 percent.

Pending home sales rose 1.50 percent in September according to the National Association of Realtors®. Pending home sales gauge future closed sales and mortgage loan volume.

Fed Lowers Key Interest Rate Range

The Federal Reserve announced its third consecutive cut to its benchmark interest rate range but indicated that future rate cuts may be on hold. Fed policymakers cut the federal funds rate range one-quarter percent to 1.50 to 1.75 percent from 1.75 percent to 2.00 percent.

Federal Open Market Committee members said global economic developments and muted inflationary pressure were considerations in the decision to lower the Fed’s key interest rate range.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates last week; rates for a 30-year fixed-rate mortgage rose eight basis points and averaged 3.78 percent. Rates for 15-year fixed-rate mortgages rose one basis point and averaged 3.19 percent.

Rates for 5/1 adjustable-rate mortgages rose three basis points to 3.43 percent. Discount points averaged 0.50 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable-rate mortgages averaged 0.40 percent.

First-time jobless claims rose by 5000 claims to 218,000 new claims filed. The national unemployment rate rose to 3.60 percent in October as compared to September’s reading of 3.50 percent. ADP reported 125,000 private-sector jobs added in October as compared to 93,000 jobs added in September. 128,000 public and private sector jobs were added in October according to the government’s Non-Farm Payrolls report.

What’s Ahead

This week’s scheduled economic news includes readings on job openings and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – October 28th, 2019

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What’s Ahead For Mortgage Rates This Week – October 28th, 2019Last week’s economic news included readings on sales of new and previously-owned homes and consumer sentiment. Weekly readings on mortgage rates and first-time jobless claims were also released.

New Home Sales Dip in September

Commerce Department readings indicated fewer sales of new homes than in August. 701,000 sales were reported in September on a seasonally-adjusted annual basis; 706,000 new homes were sold in August and analysts expected 700,000  sales of new homes.

Sales fell by 0.70 percent month-to-month but were 15.50 percent higher year-over-year. September was the second time in 12 years that new home sales exceeded 700,000 in consecutive months.

Sales of new homes were lower in three of four regions. Sales fell by -2.80 percent in the Northeast and were -3.80 percent lower in the West.  New home sales fell -0.20 percent in the South but rose +6.30 percent in the Midwest. The median sale price of new homes fell in September, which indicated that builders may be building more affordable homes. 

In recent years, builders concentrated on building high-end homes. Real estate pros said there was a 5.50 month supply of new homes available in September as compared to the benchmark reading of a six month supply of homes for sale that indicates markets are balanced between home buyers and sellers.

Sales of pre-owned homes also fell in September.5.38 million previously-owned homes were sold on a seasonally-adjusted annual basis. Analysts expected 5.40 million sales and  5.50 million pre-owned homes were sold in August.

Mortgage Rates Rise;   Initial Jobless Claims Fall

Freddie Mac reported higher mortgage rates last week as the average rate for a 30-year fixed-rate mortgage rose six basis points to 3.75 percent. The average rate for a 15-year fixed-rate mortgage rose three basis points to 3.18 percent. 

Rates for 5/1 adjustable rate mortgages averaged 3.40 percent and were five basis points higher. Discount points averaged 0.50 percent for fixed-rate mortgages and 0.20 percent for 5/1 adjustable rate mortgages.

New jobless claims fell last week; 212,000 first-time claims were filed. Analysts expected 215,000 claims based on the prior week’s reading of 218,000 initial claims. Analysts said there were no indications of rising layoffs and noted that new jobless claims stayed near a 50-year low.

October’s Consumer Sentiment Index fell to an index reading of 95.50 as compared to September’s reading of 96.00. Consumers surveyed were less anxious about trade disputes with China than in September. 

Readings for the University of Michigan’s consumer sentiment index have held steady in recent months, but remain below the post-recession peak reading of 101.40.

What’s Ahead

This week’s scheduled economic news includes readings from Case-Shiller on home prices and a statement from the Fed’s Federal Open Market Committee on monetary policy decisions. 

The Labor Department also reports on Non-Farm Payrolls and national unemployment is also scheduled along with weekly readings on mortgage rates and first-time jobless claims.

What’s Ahead For Mortgage Rates This Week – October 21st, 2019

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What’s Ahead For Mortgage Rates This Week – October 21st, 2019Last week’s economic reports included readings from the National Association of Home Builders on builder confidence in housing market conditions, Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims were also reported.

Builder Confidence in Housing Markets Rises

The NAHB Housing Market Index rose in October from September’s index reading of 68 to 71.Home builders were confident in market conditions due to strong demand for homes caused by low mortgage rates and slower growth in home prices.

Obstacles including tariffs on building materials did not deter builder confidence; any reading above 50 on the Housing Market Index indicates that most builders are confident about housing market conditions.

Robert Dietz, Chief Economist for NAHB, said: “The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by a gradual uptick in builder sentiment over the past few months.” Mr. Dietz cited “ongoing supply side constraints and concerns about a slowing economy” as factors expected to negatively impact builder sentiment in coming months.

The Commerce Department reported a  seasonally-adjusted annual pace  of 1.26 million housing starts in September. Analysts expected a pace of 1.32  million starts; August’s reading for housing starts was 1.39 million starts.

Fewer building permits were issued in September with 1.39 million permits issued as compared to August’s reading of 1.43 million permits issued; analysts expected 1.38 million building permits to be issued.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher rates for fixed rate mortgages last week. The average rate for 30-year fixed rate mortgages rose 12 basis points to 3.69 percent; the average rate for 15-year fixed rate mortgages rose 10 basis points to 3.15 percent.

The average rate for 5/1 adjustable rate mortgages was unchanged at 3.15 percent. Discount points averaged 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.

Initial jobless claims also rose last week. 214,000 new claims were filed as compared to expectations of 215,000 claims filed and the prior week’s reading of 210,000 first-time jobless claims filed. Analysts noted that new jobless claims remained near a 50-year low.

What’s Ahead

This week’s scheduled economic news includes readings on sales of new and previously-owned homes along with a report on consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

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

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What’s Ahead For Mortgage Rates This Week – October 15th, 2019Last week’s economic releases included readings on inflation, an essay from Dallas Federal Reserve President Robert Kaplan and the monthly consumer sentiment index. Weekly reports on mortgage rates and new jobless claims were also released.

Inflation Flat in September

Inflation did not change in September; August’s reading showed 0.10 percent growth, which matched the July reading. Falling gasoline prices caused the flat reading. Analysts said that cooling inflation may prompt Federal Reserve policymakers to cut the target Federal Funds interest rate range at their next meeting.

The core inflation rate, which excludes volatile food and fuel sectors rose 0.10 percent in September; analysts expected 0.20 percent growth based on August’s month-to-month inflation rate of 0.30 percent growth.

In related news, Robert Kaplan, President of the Dallas Federal Reserve Bank, said in an essay that he had no pre-determined plan for the Federal Reserve’s Federal Open Market Committee meeting at the end of October. He wrote, “I intend to avoid being rigid or predetermined from here and plan to remain highly vigilant and keep an open mind on whether further action on the federal funds rate is appropriate.”  

Mr. Kaplan cited a concern that he shares with other FOMC members over a pull-back in business spending that could impact consumer confidence and spending Mr. Kaplan wrote that he was “mindful about “asset bubbles” caused by investors seeking higher yields.

Mortgage Rates and New Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week as the average rate for 30-year fixed rate mortgages fell eight basis points to 3.57 percent; the average rate for 15-year fixed rate mortgages fell nine basis points to 3.05 percent and rates for 5/1 adjustable rate mortgages averaged 3.35 percent and three basis points lower. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell to 210,000 initial claims filed and were lower than the expected reading of 220,000 claims filed. Analysts said that fewer first-time jobless claims indicated minimal threat of layoffs.

October’s Consumer Confidence Index rose to 2.80 points to an index reading of 96 as compared to September’s reading of 93.20 points. Analysts expected an index reading of 92.50 points.

What’s Ahead

This week’s scheduled economic news includes readings on homebuilder confidence in housing market conditions, Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – October 7th, 2019

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What’s Ahead For Mortgage Rates This Week – October 7th, 2019Last week’s economic news included readings on construction spending, and labor reports on public and private sector jobs and the national unemployment rate. Weekly reports on new jobless claims and mortgage rates were also released.

Construction Spending Ticks Up in August

Commerce Department reporting on construction spending showed 0.10 percent growth in August as compared to a revised flat reading for July. Construction spending hit a seasonally-adjusted annual rate of  $1.29 trillion for August.  Analysts expected 0.40 percent growth, which was based on the original July reading of 0.10 percent growth.

Residential construction spending rose 0.90 percent in August ; public construction spending rose 0.40 percent for the month. Factors impacting residential construction spending include rising costs of building materials, winter weather conditions and mortgage rates

Mortgage Rates Little Changed; New Jobless Claims Rise

Freddie Mac reported mixed activity with mortgage rates last week. Rates for 30-year fixed rate mortgages rose one basis points to an average of 3.65 percent. Rates for 15-year fixed rate mortgages averaged 3.14 percent and were two basis points lower.

The average rate for 5/1 adjustable rate mortgages was unchanged at 3.38 percent. Discount points averaged 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate mortgages. Discount points for 5/1 adjustable rate mortgages  averaged 0.40 percent.

First-time jobless claims rose to 219,000 claims filed and surpassed expectations of 218,000 new claims. 215,000 first-time claims were filed the prior week.

Jobs Growth Slows; National Unemployment Rate Drops

September jobs reports showed fewer jobs available for public and private sector employers. The federal government’s Non-Farm Payrolls report showed 136,000 jobs added as compared to an expected reading of 150,000 jobs added and the previous month’s reading of 168,000 public and private sector jobs added.

ADP reported 135,000 private-sector jobs added in September as compared to 157,000 jobs added in August. The national unemployment rt rate dropped to 3.50 percent in September.

What’s Ahead

This week’s scheduled economic news includes readings on job openings, minutes of the most recent FOMC meeting, and reports on inflation and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – September 30th, 2019

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What’s Ahead For Mortgage Rates This Week – September 30th, 2019Last week’s economic reports included readings from Case-Shiller on home prices along with data on new and pending home sales. Weekly readings on mortgage rates and initial jobless claims were also released.

Case-Shiller: Home Price Gains Slow to Lowest Pace in 7 Years

Case-Shiller Home Price Indices reported slower home price growth in July with 3.20 percent growth year-over-year. There was no change in July’s reading for the 20-City Home Price Index as compared to June after seasonal adjustments.

The top-three cities in Case-Shiller’s 20-City Home Price Index were Phoenix, Arizona with 5.80 percent home price growth year-over-year. Las Vegas, Nevada reported 4.70 percent growth and Charlotte, North Carolina home prices rose by 4.60 percent.

West coast cities that dominated home price growth in recent years have given way to more affordable markets. Seattle, Washington reported a negative reading of -0.60 percent year-over-year. Low mortgage rates have compelled buyers to enter the market; this could drive up demand again and boost home prices at a higher pace than they are rising now.

New and Pending Home Sales Increase in August

New home sales rose to 713,000 year-over-year in August as compared to July’s reading of 686.000 sales and expectations of 660,000 new homes sold in August. Pending sales rose 1.60 percent in August after posting a negative reading of -2.50 percent  in July.

Pending sales are transactions with signed purchase contracts, but that have not closed. Home sales typically taper off in fall after the peak selling season in spring and summer; rising sales during fall suggest stronger housing markets.

Mortgage Rates Fall, New Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week; rates for 30-year fixed rate mortgages averaged 3.64 percent and were nine basis points lower than in the prior week. The average rate for 15-year fixed rate mortgages was five basis points lower at 3.16 percent and rates for 5/1 adjustable rate mortgages fell 11 basis points to an average of 3.38 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose to 213,000 claims filed from 210,000 new claims filed the prior week. Analysts said the GM auto worker strike caused the increase in new claims.

What’s Ahead

This week’s scheduled economic news includes readings on construction spending and labor sector reports on public and private sector jobs and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – September 23rd, 2019

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What’s Ahead For Mortgage Rates This Week – September 23rd, 2019Last week’s economic reports included readings from the National Association of  Home Builders on housing market conditions, Commerce Department reports on Housing starts and building permits issued and the National Association of Realtors® report on sales of previously owned homes.

The Fed reduced its key interest rate and weekly reports on mortgage rates and first-time jobless claims were also released.

Builder Confidence in Housing Market Improves, Sales of Pre-Owned Homes Rise

The National Association of Home Builders Housing Market Index rose one point to an index reading of 68 in September. August’s reading was adjusted to 67 from an initial reading of 66. September’s reading matched the highest reading posted year-over-year.

Readings over 50 indicate that most builders are confident about housing markets. Analysts noted that builder confidence rose despite ongoing concerns about higher materials costs caused by trade wars and tariffs.

According to the Commerce Department, housing starts rose in August with 1.364 million starts on a seasonally-adjusted annual basis. Analysts expected 1.300 million starts and 1.215 million starts were posted for July. More housing starts are good news for housing markets stifled by short supplies of available homes and high demand for homes.  

Building permits issued in August also rose from July’s reading. 1.419 million permits were issued as compared to July’s reading of 1.217 million permits issued on a seasonally-adjusted annual basis.

August sales of previously-owned homes rose to 5.49 million sales as compared to July’s annual sales pace of 5.42 million sales. Analysts predicted August sales of pre-owned homes to decrease to 5.39 million sales.

Mortgage Rates, Weekly Jobless Claims Rise

Freddie Mac reported higher mortgage rates last week with rates for 30-year fixed rate mortgages 17 basis points higher at an average of 3.73 percent. Rates averaged 3.21 percent for 15-year fixed rate mortgages and were 12 basis points higher.

The average rate for 5/1 adjustable rate mortgages was 13 basis points higher at  3.49 percent. First-time jobless claims rose last week to 208,000 claims. Analysts expected 215,000 new claims based on the prior week’s reading of 206,000 new jobless claims filed.

The Fed cut its benchmark short-term interest rate by one-quarter point to 1.75 to 2.00 percent, but there was some dissent among policymakers. Seven members of the Federal Open Market Committee voted for the rate decrease; two members voted against the rate cut and one member thought that rates should be cut 0.50 percent.

What’s Ahead

This week’s scheduled economic reports include readings on Case-Shiller Home Price Indices, inflation, pending home sales and consumer sentiment. Weekly  readings on mortgage rates and first-time jobless claims will also be released.