The Weekly Economy & Housing Report

    We’re pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!

    Rate Environment

    The Economy

    A U.S./China trade deal may be close, after months of trade disputes. If a deal is signed, it could put some pressure on rates, as stocks may rally on the news.

    The ECP statement this week reinforced concerns about a global economic slowdown. Weak global economies have helped to keep rates low here at home.

    Private payrolls were up 183,000 in February, according to ADP. Unemployment claims last week were down, pointing to strong labor market conditions.

    Housing News

    Construction spending unexpectedly fell in December, after an increase in November. Only part of the drop was for private residential projects though.

    New home sales hit a 7-month high in December, the highest level since May 2018. Mortgage rates are hovering near a 12-month low.

    A recent survey showed over 79% of Americans still believe that owning a home is a vital component to achieving the American Dream.

     


    *Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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    Melody Moser

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