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Mortgage Markets In A Minute – 3/27/2015

For the Week Ending March 27, 2014

Consumer prices rose slightly in February for the first increase in 3 months. However, inflation risk still remains low, which is good for interest rates.
Durable goods orders fell in February signaling slowing economic growth. Trends such as these are watched closely by the Fed and can keep rates at bay.
As demonstrated by mortgage applications for purchases, spring sales are picking up. Applications jumped 4.9% last week to the highest level since January.

Existing home sales rose 1.2% in February. Demand is strong, and a tight inventory continues to keep house prices climbing.
New home sales hit a 7 year high in February. The increase in sales of newly built homes indicates that construction may need to ramp up to meet demand.
The Federal Housing Finance Agency’s House Price Index increased by 0.3% in January. House prices were up 5.1% from January 2014 to January 2015.

A lady was newly appointed as a clerk in a bank. The manager of that branch was fond of literature. Making conversation, he asked the clerk, “Do you know William Shakespeare?” The clerk replied, “No. What branch does he work in?”

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.

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