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Mark Hemingway

Mortgage Market Update for February 8th

Sunday, February 10, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Higher household incomes in January pushed home purchase sentiment higher during the month, reports Fannie Mae. The Home Purchase Sentiment Index rose 1.2 points to 84.7 last month though it lower by 4.8 points compared with the same time last year.

Fannie Mae's report revealed that there was an 8-percentage point increase in the net share of Americans who reported higher household income from January 2018. "Overall, these results are in line with our forecast that, amid improving affordability conditions, home sales should stabilize in 2019 after declining last year for the first time in four years," said Doug Duncan, senior vice president and chief economist at Fannie Mae.

Consumer credit in the U.S. hit a record high in December due in part to low unemployment and steady income growth, reports the Federal Reserve. Consumer credit rose $16.6 billion in December to an all-time high of $4 trillion. That's trillion! In December, the report showed that credit card debt rose 2% while auto and student loans were up 6%. Mortgage loan data is not included in the report.

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