Mortgage News

The Markets in a Minute - January 13

January 12th, 2017

For the Week Ending January 13, 2017

 

Wholesale inventories rose in November, slightly more than previously reported. The increase was the largest gain in 2 years and supports economic growth.
Rising wages and expected tax cuts are expected to boost consumer spending and support economic growth through much of this year.
A tighter labor market and anticipated improvements are expected to stoke inflation. Inflation could contribute to rising rates through 2017.

 

Purchase mortgage applications were up 6% for the week as buyers head back to the housing market after the holidays. It also helps that rates have improved.
According to CoreLogic, foreclosures are approaching pre-crisis levels. November foreclosures numbered 26,000, down from 35,000 in November 2015.
In an NAHB survey, 70% of homebuyers preferred an open floor plan home. Builders are delivering, with 84% reporting the use of open or partially open plans. 

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.