It’s time for your weekly look at what’s happening with rate movement, the economy, and the housing market. Watch to the end for a quick smile.
The Economy
The government shut down, in its third week, hasn’t yet shown signs of affecting the economy. However, it has impacted some mortgage programs like USDA.
After a dismal December, stocks are rebounding, helped in part by progress in the United States’ trade talks with China. These improvements have pressured mortgage rates.
Although recent concerns about the economy have surfaced, the job market remains strong. Jobless claims fell more than expected last week to 216,000.
Housing News
The recent drop in mortgage rates has sparked a jump in applications. Mortgage applications were up to 23.5% from the previous week.
Just over 10% of agents surveyed by NAR said the shutdown was having an impact on their clients. Both government and non-government employees alike have been affected
More first time buyers are turning to their parents for help with down payments. A recent HUD report shows 26% of FHA buyers get assistance from relatives.
See you again next week!
*Rate movements and volatility are based on published, aggregated 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.