Please enjoy this quick update on what happened this week in the housing and financial markets.
The labor market appears to be on solid footing.Jobless claims were at the lowest levelin 7 weeksdespite slowing economic growth and a stock market rout.
A strong labor market likely isn't enough to convince the Fed to raise policy rates in March. Recent Fed testimony made a rate increase sound unlikely.
Oil pricing continues to suffer, and stocks continue to plummet. Weakness in equity markets drives money to bonds, supporting lower mortgage rates.
Purchase mortgage applications are 25% higher than a year ago, signaling strengthening in future home sales. Lower rates are likely contributing.
Renters across the U.S. pay an average of $112 more in car insurance than home owners. Just another reason for renters to move to home ownership.
Fannie Mae's recent survey shows consumers are increasingly positive about their ability to get a mortgage. Consumer confidence helps the housing market.
Sam walks into his boss’s office. “Sir, I’ll be straight with you. I know the economy isn’t great, but I have over three companies after me, and I would like to respectfully ask for a raise.”
After a few minutes of haggling, the boss finally agrees to a 5% raise, and Sam happily gets up to leave. “By the way,” asks the boss, “which three companies are after you?”
“The electric company, water company, and phone company,” Sam replied.
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.
Thank goes out to NormanRobles from Access National Mortgage for providing this great information.
Author:Steve Stratton Phone: 540-560-1638 Dated: February 12th 2016 Views: 269 About Steve: ...
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