Please enjoy this quick update on what happened this week in the housing and financial markets.
Volatility in oil prices and stock markets continues, but mortgage bonds have been a bit more stable. Mortgage rates continue to remain near record low levels.
Global economic weakness is a worldwide concern, reported the IMF. However, this weakness is supportive of low mortgage rates here in the U.S.
Jobless claims were up this week, but still well below the 300,000 mark. Claims below this level are typically consistent with an improving labor market.
While the overall housing market recovery remains intact, new home sales were down in January. Harsh weather has been blamed in part for the slowdown.
Alternatively, existing home sales rose in January to reach a six-month high. Sales rose despite the challenges of tight inventory, signaling a steady demand.
Home prices also continue to rise, with Case-Shiller showing increases in most markets in December. Home prices rose 5.4% year-over-year.
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.
Author:Steve Stratton Phone: 540-560-1638 Dated: February 26th 2016 Views: 136 About Steve: ...
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