Rates remained unchanged this week and do not appear to be heading back down to levels from a couple of months ago.
Please keep in mind that it is a good idea for buyers to get a second opinion on their rates and fees. With daily pricing being so volatile, some lenders are not in line with the market. I was able to lock in a client this week .375% lower in rate than another lender.
In economic news, rising home loan rates coupled with a lean supply of homes for sale on the lower-end of the market pushed sales of new single-family homes lower in January. New Home Sales fell 7.8 percent in January from December, according to the Commerce Department, led by a 33 percent plunge in the Northeast. From January 2017 to January 2018, sales were down 1 percent.
Home prices continued to rise in December due in part to the continuing trend of high demand and a shortage of homes for sale on the market. The S&P/Case-Shiller 20-City Home Price Index rose 6.3 percent from December 2016 to December 2017.