Market News 02-08-19
Mortgage Market Update
Mortgage rates have shown more volatility from day-to-day recently. Overall, rates have hovered at recent lows. The rate of retail sales growth is expected to slow in 2019 amid cooling economic conditions. Still, retail sales are forecast to rise between 3.8% and 4.4%. The U.S. trade deficit dropped 11.5% in November, falling for the first time in 6 months. The decrease in imports followed 5 straight months of increases.
The recent drop in mortgage rates has helped spark greater demand for housing. Many buyers are out shopping, hoping for a quick deal before rates rise. Data shows luxury house flipping has risen in several markets throughout the nation. However, it’s still low relative to the years before 2008. Freddie Mac says 1.6 million fewer homes are on the market than expected as more of today’s seniors choose to age in place.