Mortgage News Weekly

Mortgage News Weekly

GTG Financial, Inc
GTG Financial, Inc
Published on January 3, 2023

Mortgage News Weekly

We are excited to share with you the latest updates and insights from the mortgage market.

Verify my mortgage eligibility (Feb 3rd, 2023)
  • Mortgage Rates: Mixed bag this morning. We’re worse on some fronts, better for FHA, and treading water on other scenarios. Last week’s $1.7T (Yeah, that’s Trillion with a T) spending bill  passed on 12/30 put the bond markets into a tizzy late last week with fears of throwing gasoline on the embers of inflation.

We were trending in the right direction until the massive spending bill slammed the brakes on us. We’re taking a wait-and-see approach as we start the week.

New Year, New Market?

 Pending home sales fell 37.8% in November compared to last year, but mortgage rates falling in December may cause a rebound in the coming months. The housing market may see an improvement in the coming months if mortgage rates start falling. Home prices fell 0.5% in October but were 9.2% higher compared to October last year, according to the Case-Shiller Home Price Index. The bottom line is that, although home prices have been softening, the 9.2% annual gain is still strong.

Unemployment claims rose by 9,000 in the latest week, with continuing claims reaching their highest level since February. Job seekers may face challenges, but the labor market data being released this week may provide more insights.

ADP’s new Employment Report for December and the Labor Department’s Jobs Report for December will be released this week. The FHFA’s report on new home sales for November will also be released. These reports may provide more information on the state of the housing and job markets.

 Now that the holidays are over, expect to see an increase in activity both from buyers and sellers as well as the industry in general. The sooner they can kick themselves into gear, the better chances they will have as the market heats up again.

Show me today's rates (Feb 3rd, 2023)
GTG Financial, Inc
GTG Financial, Inc
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