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National Housing Report: February 3rd

Rod and I are pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!

The Economy

  • The Fed left rates unchanged this week, as was expected. Fed Chair Jerome Powell signaled the central bank would adjust policy as needed to support 2% inflation.
  • The deadly coronavirus that started in China continues to spread. Concerns over the economic costs of the outbreak have helped push mortgage rates to 4-month lows.
  • Consumer confidence jumped in January as the job market outlook improved. The data showed 49% of consumers think jobs are "plentiful," up from 46.5%.

Housing News

  • New home sales fell unexpectedly in December, held down by a shortage of more affordable homes. However, lower mortgage rates supported the overall housing market.
  • Pending home sales dropped 4.9% in December over November, as the supply of homes hit a record low. Inventory is leanest on the low end, where demand is strongest.
  • Tight inventory continues to drive home prices higher. Nationally, prices increased 3.5% annually in Nov, up from 3.2% in Oct, according to the Case-Shiller index.
  • *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.

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