Market News 03-08-19
Mortgage Market Update
A U.S./China trade deal may be close, after months of trade disputes. If a deal is signed, it could put some pressure on rates, as stocks may rally on the news. The ECB statement this week reinforced concerns about a global economic slowdown. Weak global economies have helped to keep rates low here at home. Private payrolls were up 183,000 in February, according to ADP. Unemployment claims last week were down, pointing to strong labor market conditions.
Construction spending unexpectedly fell in December, after an increase in November. Only part of the drop was for private residential projects though. New home sales hit a 7-month high in December, the highest level since May 2018. Mortgage rates are hovering near a 12-month low. A recent survey showed over 79% of Americans still believe that owning a home is a vital component to achieving the American Dream.