For the Week Ending January 26, 2018
Please enjoy this quick update on what happened this week in the housing and financial markets.
The government shutdown had a nominal effect on markets and no effect on rates. Another shutdown is possible February 8th, the new deadline for a deal.
The dollar slumped this week, its biggest weekly decline in 18 months. Treasury Secretary Steven Mnuchin says a weaker dollar could boost U.S. trade though.
Jobless claims were up from last week's 45-year low, but still lower than expected. The labor market continues to tighten with near full employment.
Existing home sales were down 3.6% in December from November, but were up 1.1% year-over-year. A lack of supply of homes on the market played a role.
New home sales were also down in December, blamed partly on unseasonably cold temperatures. However, new home sales were 14% higher than a year ago.
Rising mortgage rates have spurred more buyers off their couches and into the market. Mortgage applications were up 4.5% over last week, 6.1% over last year.
My sister bet me $100 that I couldn't build a car out of spaghetti. You should've seen the look on her face as I drove pasta.
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 candiffer from our own and are subject to change at any time.
Here is the Video version of this information:
What's pressuring rates? How were the week's mortgage applications? Find out in this week's Markets in a Minute!
Learn more about both in this week's Markets in a Minute:
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