Weekly Mortgage Market Update for 03-24-2017

For the Week Ending March 24, 2017

Please enjoy this quick update on what happened this week in the housing and financial markets.

It's been a tough week for stocks, suffering the biggest one-day loss since November's election. Bonds have benefited, which helps mortgage rates.

Investors are watching the vote on the new healthcare bill, Trump's first big policy test. Losing or delaying it could cause concerns for expected tax cut legislation.

Jobless claims were higher than expected this week but still below the 300,000 threshold, signaling a healthy labor market. That level has now held for 80 weeks.

Existing home sales were down in February. Although demand remains strong, sales were held back by a shortage of homes on the market.

The persistent lack of inventory has helped keep prices rising though. The median house price surged 7.7% from a year ago to $228,400 in February.

New home sales were also up, jumping to a 7-month high in February. Sales were up 12.8% compared to February 2016.

I can't believe I got fired from the calendar factory. All I did was take a day off.

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 candiffer from our own and are subject to change at any time.