Economic data had little impact on the U.S. markets earlier this morning with a better-than-expected Empire Manufacturing Index, Philadelphia Fed Index was in line with estimates and Weekly Initial Jobless Claims hovering near lows seen in 1970. The NAHB Housing Market Index came in at 70 this month, below the 72 expected and down from 71 in February. A reading above 50 is considered positive.
Homeowner equity got a big boost in 2017 rising by $908B due to the continued rise in home prices, reports CoreLogic. ATTOM Data Solutions reports that total residential mortgage originations in Q4 2017 came in at 1.9 million, down 20% from Q3 and down 19% from Q4 2016, due in part to a big decline in refinance originations.
After rising every week since 2018 began, mortgage rates edged lower this week as the tariffs and possible trade wars pushed Bond prices higher. Freddie mac reports that the 30-year fixed-rate mortgage fell two basis points to 4.44% with an average point of 0.5. Freddie Mac says average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.
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