Weekly Mortgage Update: 01/23/2018
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FIRST TEAM’S WEEKLY MORTGAGE WATCH (JANUARY 21ST, 2018) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates continue to move upward as the third-longest economic expansion on record powers along.
- With global economies also growing, major interest rates are all trending upward.
- Last week, average 30-year mortgage rates stepped over 4%.
- The cold winter weather helped propel Industrial Production numbers higher than expected, and weekly jobless claims fell to a 45-year low.
- Market sentiment remains on the positive side, with equities on a march to set new high after new high.
- With the long-held axiom that markets hate uncertainty, one might believe that the government shutdown would hurt equities, drive more cash into the relative security of treasuries, and pull rates downward. However, it appears that markets have simply accepted that Washington is dysfunctional.
- Should the week’s economic news prove to be positive, we are very likely to see rates continuing to step upward. This would be especially true if Congress can get a deal in place to fund and reopen the government, and especially true if the week ends with GDP coming in over 3.0%.
FORECLOSURE RATES ARE DOWN
Across the US, the foreclosure rate has been steadily heading downward. On a national basis, the foreclosure filings, which include default notices, scheduled auctions, and bank repossessions dropped to a 12-year low. In 2017, only 676,535 properties faced foreclosure, compared to almost 3 million in 2010.
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