Las Vegas Mortgage Trending

Las Vegas Mortgage Trending

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Mortgage bond prices finished the week near unchanged which kept rates in check. Stock strength dominated at the expense of mortgage bonds early in the week. We saw a slight unwinding of the flight to quality which pushed rates lower in the prior weeks. The data was mixed as usual. Headline inflation data was a shock.. Producer prices rose 0.1% versus the expected 0.2% decline. The core, which excludes volatile food and energy, rose 0.4% versus the expected 0.1% increase. Consumer prices were unchanged but expected to fall 0.1%. The core rose 0.3% versus the expected 0.1% increase. Housing starts were a weaker than expected 1099K. Weekly jobless claims were a lower than expected 262K. The Philadelphia Fed business conditions index was down 2.8 as expected. Mortgage interest rates finished the week flat.

Economic data is the number one reason mortgage interest rates move on a daily basis. Data is compiled from numerous sources and comes in two flavors, economic growth and inflation. Some releases are more important than others and thus are more likely to cause wider swings in mortgage rates. Rates move in relation to the deviation from expectations. We have significant releases almost each day of this week which is not common. The potential for mortgage interest rate volatility is greater as a result. Volatility is not always the enemy as we saw the beginning of this year with favorable movements after sentiment changed on looming Fed rate hikes. However, any indication of strength in the data will likely result in higher mortgage interest rates so remain cautious.

Chakits Krulsawat 


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Phone: 702-319-1092
Dated: February 19th 2016
Views: 432
About Chakits: Chakits Krulsawat jumped into the Las Vegas Real Estate scene in 2009. Having negotiated over $20 mi...

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