Mortgage News

The Markets in a Minute - December 30

December 30th, 2016

For the Week Ending December 30, 2016
 

 

 

The markets are quiet this week as traders take the rest of the year off. Very little economic news for the week as the year winds down.
 
The rise in oil prices stalled as U.S. inventories were higher than expected. Increasing oil prices could fuel inflation, which helps drive up interest rates.
 
The labor market appears to be near full strength as jobless claims came in lower than expected. This is the 95th straight week claims were below 300,000.
 

Home prices hit a new high in October, up 5.6% year-over-year. The housing market is supported by strong employment and high consumer confidence.
 
Pending home sales were down slightly in November. The drop was blamed on tight inventory and the brisk upswing in mortgage rates.
 
However, a recent Redfin survey shows recent increases in mortgage rates aren't scaring away buyers. Only 2.6% had decided to postpone their search.

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