Industry News

News from Italy was positive for mortgage rates this week. However, this was partially offset by stronger than expected U.S. labor market data. Mortgage rates ended the week a little lower Italy has one of the largest economies in the European Union (EU). In recent years, Italy’s economic growth has been below the average for […]

Geopolitical events related to Italy and North Korea were the primary influences on mortgage rates this week. The U.S. economic data mostly came in on target and caused little reaction. Mortgage rates declined from the seven-year highs reached last week. Italy formed a new government early this week, and the political parties in control of […]

The market moving economic news this week again was viewed as negative for mortgage rates. This time the source was the European Central Bank (ECB). The U.S. economic data mostly came in on target and caused little reaction. Mortgage rates reached the highest levels in seven years. On Monday, a speech from a top ECB […]

Despite a wide range of major economic news, it was a very quiet week for mortgage rates. The key labor market report, the inflation data, and the Fed meeting caused little reaction. Mortgage rates ended the week nearly unchanged. The economy added 164,000 jobs in April, below the consensus for an increase of 190,000. However, […]

Mortgage applications fell for the fourth straight week as key interest rates rose to their highest level since 2013, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending April 27. MBA reported the Market Composite Index decreased by 2.5 percent on a seasonally adjusted basis from one […]

Strangely, mortgage rates moved higher during the second half of the week without a clear cause. The economic data released this week produced little reaction, and there was not much change in the stock market. Still, mortgage rates finished near the highest levels in several years. There are several big picture factors which are viewed […]

It’s difficult to tell in Chicago, but the Spring Market is beginning to heat up with mortgage applications up 4.9% from the previous week.  It’s worth noting the share of refinance applications as a percentage of total applications is at its lowest level since 2008.  

Due to efforts by the Illinois Land Title Association (ILTA), the Illinois Department of Financial and Professional Regulation (IDFPR) agreed to delay implementation of a new disclosure of financial interest form. The IDFPR released a memorandum on April 3 that indicated the new form was to be implemented on April 4. The ILTA was surprised […]

The stock market performed well this week, causing investors to shift some assets from bonds to stocks, which was negative for mortgage rates. The economic data produced little reaction, and mortgage rates finished the week a bit higher. On Wednesday, the Fed released the detailed minutes from their last meeting on March 21. Of note, […]

Investors were focused on Friday’s Employment report and the policy on tariffs this week. Despite unexpected results on both fronts, however, there was little reaction in mortgage rates, and they finished the week nearly unchanged. Against a consensus forecast of 175,000, the economy added just 104,000 jobs in March. In addition, downward revisions subtracted 50,000 […]