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Friday Market Update for the Week of February 19th

On Tuesday we saw a slight rise in the 10-year treasury and following suit we saw mortgage rates increase minimally.

On Thursday there was a 20 year bond buying auction which did not prove to be successful as investors felt they could be buying too early with the state of the 10-year treasury. the Federal Reserve also announces they plan to keep rates at 0% stating the economy is far from recovering.

Initial jobless claims are still at a very volatile number coming in around 10%.

Existing home sales are up 24% which is just phenomenal & year-over-year inventory is down 26%.  If you are currently in the market for a new home please reach out – I have a report available to your disposal that dives into bidding over asking. Send me an email: brianm@rate.com or text/call at 303.500.3839

First Time Home Buyers moved from 31 to 33% accounting for the Millenials that are now aging into the typical home buying range. In the next 5-7 years we will only see more of this and will help secure a good housing market for the foreseeable future.

Lastly the 10-year treasury rose and as we know, mortgage rates tend to follow suit and therefore we did experience a slight increase in interest rates this week. This is nothing to fear as interest rates still remain fantastically low however it is something we will want to continue to pay attention to.

With all that being said the housing market is still going strong and rates are still looking good. Reach out if you have any questions or are looking to chat about mortgages.

Happy Friday!

 

 

 

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