01-04-2019

SEASONAL SLOWDOWN?

The ramp up to the holiday season marked a slowdown in home sales according to the latest Pending Home Sales Index (PHSI) from the National Association of Realtors (NAR). NAR Chief Economist Lawrence Yun says November’s 7.7% year-over-year decline “…does not yet capture the impact of recent favorable conditions of mortgage rates.”

RATE ROLLBACK

Mortgage interest rates flashed back to early summer in the last week of 2018 according to Freddie Mac’s Primary Mortgage Market Survey for the week ending December 27. Rates for the 30-year fixed rate mortgage continued their downward trend, dipping close to the point where home sales slowed in the traditionally busy buying season.

EXTENDED EXPANSION

U.S. economic growth needs to continue for seven more months in order to set the record for the longest expansion in U.S. history according to CoreLogic Chief Economist Frank Nothaft, who bases his estimation on over 160 years of business cycle data. Nothaft also predicts 2.4% overall economic growth for 2019 and the potential for 3.4% unemployment, which would mark its lowest rate in 50 years.

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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