Market Minutes Ending For The Week Of March 4, 2016
Oil prices have stabilized as inventories increase and producers freeze production levels. Higher oil prices may contribute to rising mortgage rates.
World stock markets reached a 2-month high this week on easing concerns of global economic weakness. Improving stocks are also pressuring mortgage rates.
Jobless claims this week once again point to a strengthening labor market. A stronger U.S. economic outlook could foster higher mortgage rates, too.
Pending home sales were down slightly in January, but still higher than January of 2015. Demand is high, though, as listings are selling 6 days faster than last year.
Tight inventory is blamed for slowing down the housing market. Inventory is lower now than a year ago and not high enough to meet the demand.
Private residential construction spending rose in January by 0.5%. This is the highest level for residential construction projects seen since November 2000.
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