• Leave a Review

Joe Gonzalez Team

CrossCountry Mortgage

  • About
  • Resources
    • Calculator
    • Refinancing
    • First Time Buyer Tips
    • First Time Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Programs
    • Loan Process
    • Mortgage FAQ
    • Mortgage Glossary
  • Apply
  • Free Rate Quote
  • Send Secure Documents
  • Blog
  • Contact

What’s Ahead For Mortgage Rates This Week – October 3, 2022

October 3, 2022 by Joe Gonzalez

What's Ahead For Mortgage Rates This Week - October 3, 2022Last week’s economic news included readings on home prices, pending home sales, and inflation. The University of Michigan released its monthly reading on consumer sentiment and weekly readings on mortgage rates and jobless claims were also published.

S&P Case-Shiller Home Price Indices: Home Price Growth Slower in July

According to S&P Case-Shiller’s national reading for July home prices, home price growth slowed by -2.90 percent in July as compared to +3.00 percent growth in June. This reading supported analysts’ expectations of a cooling housing market after months of rapidly rising home prices in many areas.  The S&P Case-Shiller 20-City Home Price Index, which is a benchmark report used by real estate professionals, also posted slower home price gains for July. All 20 cities reported slower home price gains year-over-year in July.

The top three cities in the 20-city index for July with Tampa, Florida posting a year-over-year home price gain of 31.80 percent; Miami, Florida followed closely with a year-over-year home price gain of 31.70 percent and Dallas, Texas reported a year-over-year home price gain of 24.70 percent.

Mortgage rates approached seven percent last week and increased affordability concerns for would-be home buyers. Pending home sales declined by 2.00 percent in August; Analysts expected pending sales to decrease by 1.40 percent.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by 41 basis points to 6.70 percent; the average rate for 15-year fixed-rate mortgages rose by 52 basis points to 5.96 percent. Rates for 5/1 adjustable rate mortgages rose by 33 basis points and averaged 5.30 percent. Discount points

for 30-year fixed-rate mortgages averaged 0.90 percent; discount points for 15-year fixed-rate mortgages averaged 1.30 percent and points for 5/1 adjustable rate mortgages averaged 0.40 percent.

Initial jobless claims fell to 193,000 claims filed as compared to the previous week’s reading of 209,000 first-time claims filed. Analysts predicted a reading of 215,000 initial jobless claims filed.

The University of Michigan’s Consumer Sentiment Index for August reported an index reading of 58.60 as compared to the expected reading of 59.50 and July’s index reading of 59.50. Decreased consumer sentiment is  related to high inflation and rising rates for mortgages and consumer credit.

What’s Ahead

This week’s scheduled economic reports include readings on construction spending, public and private sector job reports, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims will also be released.

Joe Gonzalez

Filed Under: Financial Reports Tagged With: Case Shiller, Financial Report, Jobless Claims

Joe Gonzalez Headshot

Contact Joe


Senior Loan Officer
Call Phone (610) 355-8039
NMLS #126036

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

  • Accessibility Statement
  • Privacy Policy
  • Blog
  • Contact Us

Our Location


625 West Ridge Pike Building C Suite 100
Conshohocken, PA 19428
Joe Gonzalez Team - Cross Country Mortgage, Inc. NMLS 3029 | NMLS 1854092 | NMLS 126036

Return to top of page

Copyright © 2023 Joe Gonzalez Team. All rights reserved.   Log In