Rod and I are 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!
Signaling a possible slowdown in the economy, retail sales dropped 0.2% in February. Slower economic activity is likely to keep the Fed from raising rates.
Rates bounced up off their recent lows this week. The market often moderates this way following a quick drop.
Talks with China for a new trade deal continue to progress. When a new deal is completed, it could help push stocks higher and boost consumer confidence.
New home sales rose to an 11-month high in February, suggesting lower mortgage rates were providing further lift to the housing market.
Construction spending also hit a 9-month high in February, increasing for the 3rd straight month. The strong gains are a good sign for the housing market.
According to NAR, 32% of homes sold in February were on the market for less than a month. The median existing-home price for February was $249,500.
*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.