HOUSING AND FINANCIAL UPDATE FOR THE WEEK ENDING MARCH 31st, 2018
Please enjoy this quick update on what happened this week in the housing and financial markets.
Although a short week for markets, there was lots of economic data to digest. The week overall was positive for rates, helping to rebound from recent highs. Consumer spending rose marginally for the 2nd straight month in February. The PCE data suggests a moderation in inflation after prices pushed higher in Jan. The labor market appears to be near full strength as jobless claims came in lower than expected. This is the 95th straight week claims were below 300,000.
New home sales were down in February but are trending up. Although down month-over-month, February's numbers were 0.5% higher than a year ago. Rates have stabilized, and loan applications increased 4.8% last week. Purchase apps increased 3.1% week-over-week and were 8.2% higher than a year ago. Pending home sales were up 3.1% in February, although down slightly from last year. Demand remains strong, but inventory levels continue to be an issue.
Can February March? No, but April May!
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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