Market Minutes Ending For The Week Of February 12, 2016
The labor market appears to be on solid footing. Jobless claims were at the lowest level in 7 weeks despite slowing economic growth and a stock market rout.
A strong labor market likely isn't enough to convince the Fed to raise policy rates in March. Recent Fed testimony made a rate increase sound unlikely.
Oil pricing continues to suffer, and stocks continue to plummet. Weakness in equity markets drives money to bonds, supporting lower mortgage rates.
Purchase mortgage applications are 25% higher than a year ago, signaling strengthening in future home sales. Lower rates are likely contributing.
Renters across the U.S. pay an average of $112 more in car insurance than home owners. Just another reason for renters to move to home ownership.
Fannie Mae's recent survey shows consumers are increasingly positive about their ability to get a mortgage. Consumer confidence helps the housing market.
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