Last week's economic readings included readings from the National Association of Home Builders Housing Market Index, National Association of Realtors® report on sales of pre-owned homes and Commerce Department readings on housing starts and building permits issued. Weekly reports on mortgage rates and first-time jobless claims were also released. Housing Market Challenges Catch Up to Builder Sentiment According to the National Association of Home Builders, overall builder sentiment fell six points to November's reading of 60. This was the largest decline in builder sentiment since 2016. Ongoing concerns over lot and labor shortages and rising costs of building materials were…

Last week's economic news included readings on inflation, core inflation and retail sales. Weekly readings on mortgage rates and first-time jobless claims were also released. Inflation, Retail Sales Rise in October Commerce Department readings for October showed higher inflation and retail sales. Consumer Price Index rose by 0.30 percent and met expectations. September's CPI reading was 0.10 percent. Core CPI, which excludes volatile food and energy sectors, also met expectations with a reading of 0.20 percent growth. September's reading was 0.10 percent. Analysts attributed the highest reading in nine months to higher costs of fuel, rent and used cars. Retail…

Last week's scheduled economic news was slim last week. The Federal Open Market Committee of the Federal Reserve issued its post-meeting statement, weekly readings on average mortgage rates and first-time jobless claims were also issued. FOMC: Fed Target Rate Unchanged, but Expected to Rise in December The Federal Open Market Committee of the Federal Reserve announced that it did not raise the target federal funds rate but set the stage for raising the benchmark rate n coming months. The current range for the Fed rate us 2.00 percent to 2.00 to 2.25 percent. The Fed expects to increase rates three times…