Financial & Real Estate Market Update March 2, 2020

rates

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Interest rates are lower this week compared to last week.  Concerns about the global economic fallout of a spreading coronavirus continue to cause stocks to plummet and bond yields to drop, helping keep mortgage interest rates low. The US economy grew moderately in the fourth quarter but slower than initial reported.  Consumer spending was also revised lower.  In housing news, the federal housing finance agency reported home price gains of 5.1% in the fourth quarter, the 34th consecutive quarter of increases.  Low mortgage rates definitely helped.  Pending home sales jumped more than expected in January, up 5.2% for the month and 5.7& annually.  Growth occurred despite the lowest inventory of homes for sale since 1999.  New home sales surged to a 12.5 year high in January.  Housing market strength could help keep the economy growing and blunt any hit form the coronavirus.

 If you have any questions or like more information about buying a new home or refinancing your existing mortgage then click here, call or text me now 203.913.6016

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