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: 316 About Steve: ...
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