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HOUSING AND FINANCIAL UPDATE FOR THE WEEK ENDING March 2nd, 2018

For the Week Ending March 2, 2018
Chris, Please enjoy this quick update on what happened this week in the housing and financial markets.

 

New Fed Chair Jerome Powell appeared for his first time in front of Congress this week. He moved markets with his upbeat economic views, pressuring rates.
Consumer prices increased in January, and inflation posted its largest gain in 12 months. Inflation pressures rates higher, including mortgage rates.
The labor market continues to show strength as well. Filings for unemployment benefits fell last week to the lowest level in almost five decades.

 

Home prices accelerated in December, according to a recent Case-Shiller report. Prices were up 6.4% year-over-year with continued strong buyer demand.
Pending home sales were down 4.7% in January. However, the drop is likely due to tight inventory and bad weather rather than increased mortgage rates.
Buyer traffic was strong in January, but listings fell to an all-time low, down 9.5% year-over-year. This can continue to fuel price gains.

   

Middle age is when work is a lot less fun, and fun is a lot more work.

 

YOUR WEEKLY HOUSING AND FINANCIAL UPDATE IS PROVIDED BY

Access National Mortgage