Last week's economic reporting included readings from Case-Shiller Home Price Indices, data on pending home sales, and a statement from the Fed's Federal Open Market Committee. The University of Michigan released its Consumer Sentiment Index and weekly reports on mortgage rates and jobless claims were also published.
Last week's economic reports included readings from the National Association of Home Builders on housing market conditions, Commerce Department readings on housing starts and building permits issued and National Association of Realtors(R) reporting on sales of previously-owned homes.
News of the Federal Reserve hiking interest rates appears to have caused unnecessary panic among people poised to purchase a first home or a larger one for a growing family.
The Federal Open Market Committee of the Federal Reserve announced that it raised the target federal funds rate to a range of 2.00 percent to 2.25 percent. This was the third consecutive increase in the Fed's key interest rate and was the eighth time the Fed raised its key interest rate since 2015.
Last week's economic news was highlighted by Fed Chair Janet Yellen's speech in Philadelphia. Although Chair Yellen alluded to future Fed rate hikes, she did not specify when Fed policymakers would next raise the target federal funds rate.