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

    The Fed did not raise policy rates at this month’s FOMC meeting. Based on Fed projections, we likely won’t see another Fed rate hike until 2020.

    Jobless claims fell to 221,000 last week. That’s a 4-week low, as the labor market tightens further following the 5-week government shutdown.

    Inflation continues to hover below Fed expectations, contributing to concerns about a slowing economy. Low inflation can help keep mortgage rates low.

    Housing News

    Home builders remain optimistic about the housing market as mortgage rates continue to fall. Lower rates can make mortgage payments more affordable.

    Mortgage applications rose 1.6% over the previous week, helped by lower raters. The average loan size set a record for the 3rd week in a row, reaching $327,500.

    A recent report shows that staging not only results in a quicker sale but also may increase a home’s value. The most important room to stage? The living room.

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    Melody Moser

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