Thanks for checking out this week’s markets in a minute. Mortgage interest rates did not change compare to last week. Investors across the country and the globe are worried about the potential spreading of the coronavirus outside of China. Fear of the coronavirus are helping keep mortgage interest rates low. Jobless claims rose modestly last week which suggests sustained labor market strength that should help the economy even though we are all fearing the virus. In housing news, the builder confidence in the real estate market remained strong for the month of February, despite a shortage of workers and a dearth of lots. Demand is high right now due to rising wages and low interest rates. More builders put in for permits for new construction housing which means more new home building to come this year. New construction permits are at 13 year highs right now. More people are buying homes right now versus last year. Refinance activity is still present but has slowed down a bit.
If you have any questions or like more information on buying a new home or refinancing your existing mortgage then call or text me now 203.913.6016