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For the Week Ending March 22, 2019

 

 

EXCITING NEWS THIS WEEK!

  • We could be entering a mini-refi boom. Since the start of the year, mortgage rates have been on a slow, steady decline.

  • The Fed did not raise policy rates at this month's FOMC meeting. Based on Fed projections, we likely won't see another Fed rate hike until 2020.

  • Now is the PERFECT time for your clients to refinance their mortgage! 

    • With mortgage rates today, there are refinance opportunities for all types of homeowners. The typical refinancing household will be able to save more than 30% annually on their mortgage. For some, you may be able to save even more.

    • Contact us if you have a client, a friend, or family member that has never refinanced or is interested in learning more about rates today! 

 

  • Jobless claims fell to 221,000 last week. That's a 4-week low, as the labor market tightens further following the 5-week government shutdown.

 

 
 
  • Home builders remain optimistic about the housing market as mortgage rates continue to fall. Lower rates can make mortgage payments more affordable.
 
  • Mortgage applications rose 1.6% over the previous week, helped by lower rates. The average loan size set a record for the 3rd week in a row, reaching $327,500.
   

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


For the Week Ending March 15, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Wholesale prices barely rose in February, after falling for 3 straight months. This is a sign there is little inflation pressure in the economy, which is good for rates.
Retail sales edged up in January, but December was revised sharply lower. The increase was mainly due to discretionary spending and purchases of building materials.
Import prices rose in February by the most in 9 months. However, the trend in imported inflation remains weak, supportive of rates staying low.

 

New home sales declined to a 3-month low in January. The government shutdown and a battered stock market appear to have hurt sales.
Construction spending posted its biggest increase in 9 months. However, private residential projects dropped 0.3%, falling for the 6th straight month.
The latest design trends include bolder color schemes and brass finishes, particularly in the kitchen and bathroom.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


For the Week Ending March 8, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

A U.S./China trade deal may be close, after months of trade disputes. If a deal is signed, it could put some pressure on rates, as stocks may rally on the news.
The ECB statement this week reinforced concerns about a global economic slowdown. Weak global economies have helped to keep rates low here at home.
Private payrolls were up 183,000 in February, according to ADP. Unemployment claims last week were down, pointing to strong labor market conditions. 

 

Construction spending unexpectedly fell in December, after an increase in November. Only part of the drop was for private residential projects though.
New home sales hit a 7-month high in December, the highest level since May 2018. Mortgage rates are hovering near a 12-month low.
A recent survey showed over 79% of Americans still believe that owning a home is a vital component to achieving the American Dream.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


For the Week Ending March 1, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Economic growth in the 4th quarter was better than anticipated. Gross domestic product increased 2.6%, much higher than the 2.2% expectation.
Fed Chair Jerome Powell gave semi-annual testimony to Congress this week. He said the economy was healthy but cautioned about conflicting signals.
Jobless claims rose last week more than expected. The 225,000 claims reached a 10-month high, suggesting some slowing in the labor market.

 

According to Case-Shiller, annual home price gains moderated in December to a 4.7% pace. This is still near the long-term historical average of about 5.5%.
Pending home sales rebounded 4.6% in January over December. It's likely that a return to lower rates has already helped and will continue to support increases. 
Housing starts fell to a 2-year low in December, as construction of both single- and multi-family housing declined. However, permits point to a coming rebound.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


For the Week Ending February 22, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The unsecured personal loan market hit an all-time high last year, reaching $138 billion. A rise in lending from fintech firms is helping to fuel the borrowing frenzy.
Minutes released from last month's FOMC meeting show the Fed is likely to hold off on policy rate increases in 2019 and may slow balance sheet reductions too.
Jobless claims fell last week, down 23,000 to 216,000. But the 4-week average rose to a 1-year high, suggesting the labor market may be slowing down slightly.

 

Homebuilder sentiment rose in February after falling at the end of 2018. Lower mortgage rates and continued job market strength have boosted optimism.
January's existing home sales were at their lowest level in 3+ years. Sales were down 8.5% from a year ago, continuing a loss of momentum in the market.
January's median price for all housing types was up 2.8% over a year ago, at $247,500. At January's pace, inventory will be exhausted in 3.9 months.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 

 


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