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!
According to Case-Shiller, annual home price gains moderated in December to a 4.7% pace. This is still near the long-term historical average of about 5.5%.
Pending home sales rebounded 4.6% in January over December. It’s likely that a return to lower rates has already helped and will continue to support increases.
Housing starts fell to a 2-year low in December, as construction of both single and multi-family housing declined. However, permits point to a coming rebound.
Economic growth in the 4th quarter was better than anticipated. Gross domestic product increased 2.6%, much higher than the 2.2% expectation.
Fed Chair Jerome Powell gave semi-annual testimony to Congress this week. He said the economy was healthy but cautioned about conflicting signals.
Jobless claims rose last week more than expected. The 225,000 claims reached a 10-month high, suggesting some slowing in the labor market.
*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.