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For the Week Ending February 24, 2017

Please enjoy this quick update on what happened this week in the housing and financial markets.

Picture of Mortgage Rates Picture of Rate Volatility
Although markets were closed on Monday for Presidents’ Day, stocks once again hit new highs this week as traders expect the economy to continue improving.
Unemployment filings continue to reflect labor market strength. Although up slightly this week, jobless claims have the lowest 4-week average since 1973.
The minutes from last month’s FOMC meeting show the Fed could be looking to raise policy rates soon. The decision will depend on data for jobs and inflation.
Existing home sales surged to a 10-year high in January. Demand remains strong as buyers shrug off increasing prices and higher mortgage rates.
A survey of 30 analysts by Reuters predicts home prices will rise at almost double the current rate of underlying inflation and wages over the next few years.
Small investors buying homes to flip or rent remain a strong part of the market. Last year, 37% of homes sold were acquired by buyers who didn’t live in them.
My grandpa started walking five miles a day when he was 60.  Now he’s 97, and we have no idea where he is.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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