By Juan Gonzales
Please enjoy this quick update on what happened this week in the housing and financial markets.
Minutes from last month’s Fed meeting showed the Fed is concerned about global economic weakness. This concern makes a policy rate increase in April unlikely.
Recent economic reports show tepid economic growth, keeping inflation concerns at bay. Lack of inflation helps support conditions for low mortgage rates.
Even with the tepid economy, the labor market continues to show strength. Last week’s unemployment claims fell more than expected, slipping to 270,000.
Smart home technology can make outdated homes more desirable. Nearly 1/2 of Americans surveyed either have or plan to install smart home tech this year.
The recent dip in mortgage rates has helped move some buyers off of the fence. Purchase applications were 11% higher than the same week last year.
Annual owner-occupied purchases were up 15.9% in 2015. The 3.74 million purchases were the most seen since 2007’s 3.93 million.
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.