Mortgage Market News for the week ending March 24,
President and CEO
Mortgage Broker | NMLS ID: 3443
Blue Door Mortgage, LLC
Newton, MA 02459
Ahead of the
holiday weekend, this week's economic data contained few surprises, and
the attacks in Brussels had little impact on U.S. financial markets. As
a result, mortgage rates ended the week with little change.
At the Fed
meeting on March 16, nine Fed officials voted in favor of holding the
federal funds rate steady and just one supported a rate hike. Fed Chair
Yellen suggested that the Fed should proceed cautiously in tightening
monetary policy to see the effect of overseas weakness on the
meeting, however, several Fed officials have supported tighter monetary
policy, sending a mixed message to investors. These officials
feel that the performance of the U.S. economy may justify a rate hike
as soon as the next Fed meeting on April 27. Investors will be closely
monitoring comments from other Fed officials to determine how much
support there is for these more hawkish views.
headline numbers for February home sales released this week were
mixed. Sales of existing homes fell 7% from January, while sales of
newly built homes showed an increase of 2%. The details show that the
fall in existing home sales was from an elevated January level, and
the rise of new home sales was from an unusually low level in
have been volatile lately. An average of home sales over a multiple
month period provides a clearer picture of the underlying trend, and
the three-month average has shown steady improvement over the last few
ahead, mortgage-backed securities (MBS) markets will be closed tomorrow
for Good Friday. Next week, the important monthly Employment report
will be released on Friday. As usual, this data on the number of jobs,
the Unemployment Rate, and wage inflation will be the most highly
anticipated economic data of the month. Before that, Pending Home Sales
and Core PCE inflation will be released on Monday. The ISM national
manufacturing index will come out on Friday.
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Four Boston-area neighborhoods are among the top-10 hottest in the nation for home buying, according to a national real estate brokerage that tracks the data.