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Mark Hemingway

Mortgage Market Update for January 24th

Wednesday, January 24, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Mortgage rates inched higher in the latest week as Bond prices declined forcing borrowing costs higher. The Mortgage Bankers Association reports that the 30-year conforming fixed-rate mortgage rose to 4.39% from 4.36% in the previous week. Within the report it revealed that the home purchase index rose 6% to its highest level since April 2010 while the refinance index increased 1%.

The National Association of REALTORS(R) reports that low inventories of homes for sale on the market continued to be a thorn in the side for would-be borrowers last month. December Existing Home Sales fell 3.6% from November to an annual rate of 5.570 million units versus the 5.70 million expected. Declines were seen across the board in the Northeast, Midwest, South and West. From December 2016 to December 2017, sales were up 1.1%. Inventories of homes for sale on the market fell to a 3.2-month supply, well below the 6-month supply that is seen as normal. Housing inventories are down 10.3% from a year ago.

The ongoing stream of positive news and outlooks by corporate leaders are fueling U.S. Stocks once again today. JPMorgan's Jamie Dimon says President Trump's tax cuts will be "a boom" for the economy while Goldman Sachs CEO Lloyd Blankfein says he has really liked what Mr. Trump has done for the economy. In addition, Disney announced that it will be giving $1,000 bonuses to 125,000 employees while Starbucks announced it will be boosting wages and doling out bonuses to employees.

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