Market News 04-19-19
Mortgage Market Update
Recent optimism in the global economy has been helped by upbeat economic data in China. This has pressured mortgage rates to move higher this week. Retail sales surged in March at the fastest pace since late 2017, increasing 1.6% from February. Spending on autos, gasoline, furniture, and clothing all jumped. The Fed’s latest report shows labor markets remaining tight and economic activity growing at a slight-to-moderate pace. Despite these factors, inflation has not picked up.
Home builder confidence rose to 63 in April and has spent the last 3 months in the 60s, according to the NAHB index. Last year’s high was 70, reached in May. As sea levels rise, architects are looking for ways to make homes more resilient to flooding. Floating homes are being considered as a solution for coastal areas. Virtual staging, using software to digitally change a home’s spaces and show new possibilities, is now a reality that is catching on to market a home for sale.