The Weekly Economy & Housing Report

    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!

    Rate Environment

    The Economy

    • Stocks continue to hit record highs, helped by strong corporate earnings. Money moving from bonds back into stocks can continue to pressure rates higher.
    • New orders for U.S.-made capital goods increased by the most in 8 months in March, but a drop in shipments suggested business spending slowed.
    • Weekly jobless claims recorded the biggest increase in 19 months last week. The overall trend in claims, however, remains consistent with a strong labor market.

    Housing News

    • New home sales hit a 1-1/2-year high in March, boosted by home prices and lower mortgage rates. It was the 3rd straight monthly increase for new home sales.
    • However, existing home sales, which make up about 90% of sales, aren’t doing as well. Sales fell 4.9% in March.
    • After seeing mortgage rates increase slightly, mortgage application volume was down last week 7.3%. However, that’s still 6.6% higher than a year ago.

     


    *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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