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2020-02-03 08:26:10
Market Movement

The Federal Open Market Committee met on Tuesday and Wednesday of last week and voted to leave the federal benchmark interest rate unchanged.  New home sales declined slightly.  Home price appreciation continues at a slower rate.  Consumer confidence soared.  Both new purchase and refinance mortgage application submissions increased.  Pending home sales are also down.  Weekly jobless claims continue to come in at historic lows.  Inflation was muted.  The consumer sentiment index reached a 9-month high.

MORTGAGE RATES CURRENTLY TRENDING LOWER

THIS WEEK'S POTENTIAL VOLATILITY

  • Why has the number of signed contracts declined despite sustained buyer demand? Read More >>
  • Mortgage rates touch down to second-lowest level in two years. Read More >>
  • More than 9 million homeowners could benefit from a mortgage refinance. Read More >>

  • New home sales unexpectedly declined in December, down 0.4% month-over-month to a seasonally adjusted annual rate of 694,000.

  • The Case-Shiller home price index appreciated 0.1% month-over-month and just 2.6% year-over-year in November.

  • In January, the consumer confidence index climbed to a record 131.6, due in part to a strong stock market and unemployment rate resting at a 50-year low.

  • For the week ending 1/24, new purchase mortgage application submissions increased 5.0% and refinance application submissions increased 8.0% for a composite increase of 7.2%.

  • Pending home sales declined in December, down 4.9% month-over-month.  Each region saw a decrease, the South fell 5.5%, the West ped 5.4%, the Northeast saw a 4% decrease, and the Midwest was down 3.6%.

  • The Federal Open Market Committee (FOMC) met on Tuesday and Wednesday of last week and voted to leave the Federal benchmark interest rate unchanged.  In its statement, the Fed cited muted inflation as the reason to hold rates steady.

  • For the week ending 1/25, initial jobless claims declined to a level of 216,000.  Continuing claims also ped, down to a level of 1.7 million.

  • GDP accelerated slightly in the fourth quarter of 2019, with an expansion rate of 2.1%.  Though the figure is down from first quarter’s growth rate of 3.1%, consumer spending picked back up in the fourth quarter.  A in imports due to ongoing tariff wars negatively impacted growth.

  • Consumer spending accounts for two-thirds of GDP growth.  In December, personal income increased 0.2% month-over-month and consumer spending jumped 0.3% month-over-month.  The core PCE is up 1.6% annually, below the Fed’s targeted rate of 2.0%.

  • The consumer confidence index jumped to a level of 99.3, the highest reading in 9 months.

This week's important economic reports include:
  • US construction spending
  • MBA applications
  • ADP employment report
  • Weekly jobless claims
  • Nonfarm payrolls, unemployment rate, average hourly earnings

WEEK OF FEBRUARY 3, 2020

 
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