Mortgage rates ended today at their highest levels in over 9 months! While today’s economic data played a small role, the strength in the global stock markets hurt Mortgage Backed Securities (MBS) the most causing rates to increase. Today’s economic data reported that December Industrial Production rose 0.9% from November, above the consensus of 0.5%. The January NAHB housing index showed that home builder confidence declined from 74 (an 18-year high) to 72, matching expectations and the Fed’s Beige Book reported that the U.S. economy expanded at a “modest” to “moderate” pace in recent weeks. Tomorrow, Housing Starts, Jobless Claims, and Philly Fed will be released at 8:30 Eastern time.
If you are thinking of buying a home or refinancing, it’s time to get off the fence!
The views expressed are my own and do not necessarily reflect the views of my employer.
Visit my website at: www.juliecnichols.com or contact me with any of your home loan questions.
[tags Mortgage, Real Estate]
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