Mortgage News

The Markets in a Minute - December 23

December 23rd, 2016

For the Week Ending December 23, 2016
 

 

 

The third quarter showed strong economic growth and an increased GDP. As the economy continues to heat up, interest rates will be pressured to rise.
 
Jobless claims were slightly higher this week than expected, but still below 300,000. The strong labor market could contribute to higher rates in 2017.
 
Trading volumes are down as traders take off for the holidays, which could cause volatility. Markets will be closed or close early 4 of the next 7 trading days.
 

Rising mortgage rates haven't slowed down the market, as purchase applications were up 1% over 2015. Demand for housing remains strong, regardless of rates. 
 
Existing home sales climbed in November to the highest level since early 2007. Sales increased 18.2% over November 2015 (the implementation of TRID).
 
FHFA's Housing Price Index showed prices moderating slightly in October, but still rising. Prices were 6% higher than the previous year.

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.

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

Search Our Site