News You'll Use

Mortgage rates decreased for the second week in a row and are at a four-month low, according to Freddie Mac data. The average rate for a 30-year fixed loan fell to 6.15% from 6.33% last week. The cause of the move lower in rates was due to weak economic data, specifically retail sales, and PPI. With rates having moved a good amount in the last few weeks, I would think rates would take a pause around these levels in the near term. The trend in rates has been that they are moving lower since the start of the new year — definitely a nice way to start the year off.

 

• Mortgage Applications rose 27.9% this week

• US 10-year Treasury closed at 3.39% on Thursday afternoon

• Retail Sales for December came in lower than analysts' expectations (-1.1% m/m vs expectations of -0.9% m/m)

• PPI for December came in lower than analysts' expectations (-0.5% m/m vs expectations of -0.1% m/m)

• Housing Starts for December came in above analysts' expectations (-1.4% m/m vs expectations of -4.8% m/m)

• Building permits came in lower than analysts' expectations (-1.6% m/m vs expectations of 1.0% m/m)

• Initial Jobless claims came in under analysts' expectations (190k vs expectations of 214k)