Please enjoy this quick update on what happened this week in the housing and financial markets.
Oil prices have stabilized as inventories increase and producers freeze production levels. Higher oil prices may contribute to rising mortgage rates.
World stock markets reached a 2-month high this week on easing concerns of global economic weakness. Improving stocks are also pressuring mortgage rates.
Jobless claims this week once again point to a strengthening labor market. A stronger U.S. economic outlook could foster higher mortgage rates, too.
Pending home sales were down slightly in January, but still higher than January of 2015. Demand is high, though, as listings are selling 6 days faster than last year.
Tight inventory is blamed for slowing down the housing market. Inventory is lower now than a year ago and not high enough to meet the demand.
Private residential construction spending rose in January by 0.5%. This is the highest level for residential construction projects seen since November 2007.
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: March 4th 2016 Views: 293 About Steve: ...
No matter how much time you spend on researching and educating yoursel
"“From the very beginning of our home search, Melody was helpful, responsive, knowledgeable, and accommodating. We live in Western Loudoun but Melody was happy to drive out here and take us house hunting multiple times. What impressed us the most was how on the ball she is – she responded so quickly to any questions we had, and if she didn’t know the answer or was unsure she took the time to go and research the subject in depth. For instance, we had questions about radon levels and the various water tests needed for well water. She was on the phone calling all kinds of companies and even government agencies to get us answers. She also wasn’t afraid to go to the sellers’ agents with any questions or concerns we had, no matter how small they might have been. She really was an advocate for us, and we knew that she wasn’t just out there trying to get us to buy a house and close the deal, she wanted us to find THE house, and get us the best deal. We had some requirements that really narrowed our pool of homes to choose from but we ended up finding our forever home, thanks to Melody. We had a few hiccups before closing but she was there every step of the way, in regular contact with the sellers agent, title company, mortgage lender, and even handled arranging all of the inspections for us. We would not hesitate to highly recommend her to anyone! ” "