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Mark Hemingway

Mortgage Market Update for March 29th

Wednesday, March 31, 2021 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Redfin reports that the median home price rose 16% annually to a record-high of $331,590 for the week ended March 21. The number of homes listed for sale on the market at any point during the period declined fell 42% from 2020 to a new all-time low. Redfin Chief Economist Daryl Fairweather said, "When the pandemic is over, purchasing a home is going to cost much more than ever before, putting homeownership much further out of reach for many Americans."

There is a huge government spending package due out this week while investors will be closely watching two key labor market reports for March with a holiday-shortened trading week. The ADP Private Payrolls Report will be released on Wednesday and the government Jobs Report for March will be delivered on Friday. The bond markets will close early on Friday at noon ET while stocks are closed for the session in observance of Good Friday. The Biden Administration is set to unveil a $3 trillion infrastructure package this week aimed at spurring on the economy, reduce carbon emissions and narrow economic inequality.

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