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!
- The Fed’s preferred inflation gauge, the core personal consumption expenditures index, was flat for the month of March and up only 1.6% year-over-year.
- The lack of inflation helped the Fed keep policy rates unchanged this week at their FOMC meeting. Speculation is that we won’t see a rate increase this year.
- Unemployment applications remained at higher levels last week, leaving the forecast rate at 3.8% for the month of April.
- Thanks in part to a recent dip in mortgage rates, pending home sales jumped 3.8% in March. However, sales were down 1.2% compared to March of 2018.
- Home prices are still rising, but at a slower rate in February than in January. Prices rose 4% year-over-year in February compared to 4.2% in January.
- Luxury home sales appear to be in a bit of a slump. Sales of homes listed a $2 million and above fell 16% in the first quarter as supply rose 14%.
*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.