This week's mortgage market update, provided by Jimmy Kernan of Regions Mortgage, shows that rates were relatively unchanged, hovering near 5% for conventional 30 year loans. Weaker than expected economic reports, which drive rates down, were offset on Friday by stronger than expected employment data. The economy lost fewer jobs than were expected in January with unemployment remaining at 9.7%. The volatile unemployment survey surprisingly showed an increase of 308,000 jobs in February, indicating that smaller companies were a source of job gains.
This week's mortgage market update showed that housing data was weaker than expected. January pending home sales fell 7.6% where the expectation was for a small increase. Pending home sales were still 12% higher than a year ago but the expected surge in sales from the extended homebuyer tax credit has failed to materialize, possibly due to harsh winter weather. The Fed's Beige Book reported that the economy continued its slow growth. The economic calendar for this week's includes release of the Trade Balance on Thursday and the Retail Sales report on Friday. Consumer sentiment will be also be issued on Friday.
Contact Jimmy Kernan to prequalify for your next mortgage before beginning your home search. Act now to take advantage of the federal tax credits for first time and move up buyers. Contact me to set up an automated home search where properties meeting your established criteria are sent directly to your inbox on a daily or weekly basis. If you have any questions regarding the market, selling your home or buying a new home, feel free to email me at sold@markcrain.com.
Comments (0)Subscribe to CommentsComment