by wpengine | Nov 8, 2018 | Blog
TODAY’S MORTGAGE RATE SUMMARY HOW RATES MOVE: Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees...
by wpengine | Nov 8, 2018 | Blog
Last month existing home sales absolutely sizzled, hitting a rate of 5.69 million/year, the best level since 2/07. Remarkably, this strength came despite inventory of only 1.69 million units. That’s just 3.6 months of supply at the current sales pace, the lowest...
by wpengine | Nov 8, 2018 | Blog
With markets now showing a 90% chance of a rate rise in nine days, only a torrent of dreadful data will hold back the Fed. Survey data show solid gains in consumer and small business optimism, unemployment is nearing the Fed’s target, and all this despite...
by wpengine | Nov 8, 2018 | Blog
February’s net job growth was 235,00 and January’s number was revised up 11,000 to 238,000! The unemployment rate declined to 4.7%, the labor force grew by 340,000, Y-o-Y wage growth rose from 2.6% to 2.8%, those working part-time involuntarily declined by...
by wpengine | Nov 8, 2018 | Blog
Despite a prolonged rise in house prices, bringing them back to where they were prior to the Great Recession, mortgage equity withdrawal (MEW) is a pittance compared to a decade ago. Between 2003 and 2007, MEW averaged 7% of disposable personal income. From 2012...
by wpengine | Nov 8, 2018 | Blog
February pending home sales surprised, rising 5.5% M-o-M, and are at their highest reading since 5/06, while house prices rose a strong 5.7% during the three months ending 1/17. Moreover, February new home sales were 592,000 seasonally adjusted, their second-best...
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