RATE MOVEMENT (from prior week) ***NO CHANGE***
With a wide range of news last week, mortgage rates experienced a great deal of volatility. Most of the reports/news ended up being “offsetting” and rates remained the same (highest levels since May 2017).
IMPORTANT ECONOMIC FACTORS:
HOME SALES – While sales of previously owned homes in December did not keep up with the exceptional pace seen in November, they still were at the highest level since June. For the entire year, sales in 2017 overall were the strongest since 2006. This took place despite the fact that unsold inventory at the end of the year was at just a 3.2-month supply, which was the lowest level since tracking began in 1999.
There is NO question that consumers can “feel” the strength of the economy, and many of those on the fence are now seeing it is a real improvement. This is pushing many to start the home purchase process (which I personally agree with, now is the time). There will be a routine Fed Meeting tomorrow in which we will wait to hear of any revised/updated guidance on future rate hikes. The big employment report comes out this Friday, as usual this data can be a BIG market mover in regards to rates.
SVP, Regional Manager
THE CRAWFORD TEAM
V.I.P. Mortgage, Inc.