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Mortgage Applications Up – Market Report – January 29, 2018

Mortgage Applications Up – Market Report – January 29, 2018
January 31, 2018 abryant

When you get a deep cut, you get worried when you start bleeding. I would be more worried if it didn’t start to bleed actually.

A tree house doesn’t have a kitchen, a bedroom, a hallway, a bathroom, a porch, doors, or even a chimney, so please. Just call it a tree box.

A waffle is like a pancake, with a syrup trap.

The guy who invented the wheel is an idiot. The guy who invented the other three, now he is the genius!!

Who says I can’t fix things. Gimme a duct tape!

 

Now The Market Report . . .

 

The government shutdown had a nominal effect on markets and no effect on rates. Another shutdown is possible February 8th, the new deadline for a deal.

The dollar slumped this week, its biggest weekly decline in 18 months. Treasury Secretary Steven Mnuchin says a weaker dollar could boost U.S. trade though.

Jobless claims were up from last week’s 45-year low, but still lower than expected. The labor market continues to tighten with near full employment.

 

Existing home sales were down 3.6% in December from November, but were up 1.1% year-over-year. A lack of supply of homes on the market played a role.

New home sales were also down in December, blamed partly on unseasonably cold temperatures. However, new home sales were 14% higher than a year ago.

Rising mortgage rates have spurred more buyers off their couches and into the market. Mortgage applications were up 4.5% over last week, 6.1% over last year.

 

To steal ideas from one person is plagiarism. To steal from many is research.

 

This week’s potential market moving reports are:

Tuesday, January 30th:    S&P Corelogic Case-Shiller Home Price Index, Consumer Confidence

Wednesday, January 31st:    MBA Mortgage Applications, ADP Employment Report, Pending Home Sales, FOMC Meeting Announcement

Thursday, February 1st:    First Time Jobless Claims, Construction Spending

Friday, February 2nd:    National Employment Situation, Factory Orders, Consumer Sentiment

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