Mortgage rates continued to decline in the latest week which fueled a big push to refinance current mortgages. The Mortgage Bankers Association reports that the 30-year fixed-rate mortgage fell 16 basis points to 3.57% with 0.26 in points. The rate is the lowest in more than seven years. The Market Composite Index, a measure of total mortgage loan application activity jumped 15%, the Refinance Index surged 26% while the Purchase Index fell 2.7%. The survey covers over 75% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.
The service sector of the U.S. economy continued to run on all cylinders in February rising to a one-year high. The Institute of Supply Management (ISM) reports that its ISM Service Index rose to 57.3 last month, above the 54 expected and represents continued growth in the non-manufacturing sector, at a faster rate. Most respondents to the survey reported that they do remain positive about business conditions and the overall economy.
Private payroll job growth was solid in February as the labor market continues to be a bright light for the U.S. economy. ADP reports that private payrolls rose by 183,000 last month, above the 165,000 expected. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. “The labor market remains firm, as private-sector payrolls continued to expand in February,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Job creation remained heavily concentrated in large companies, which continue to be the strongest performer.”
Mortgage rates decline. Service sector remains strong. Solid private payroll growth reported.
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