Weekly What’s Happening – January 31, 2019

It’s time for your weekly look at what’s happening with rate movement, the economy, and the housing market. Watch to the end for a quick smile.

Washington Mortgage Lender - Weekly What's Happening - Jan. 31, 2019

The Economy

Consumer confidence was down this month, likely affected by the government shutdown. Still, consumer spirits remain robust by historic standards.

The Fed leeft policy rates unchanged at this week’s FOMC meeting. They also signlaed that future rate hikes this year are less likely than previously forecast.

Trade talks with China continue this week, though there is still little indication they are willing to bend to U.S. demands. The deadline for striking a deal is March 1.

Housing News

Case-Shiller says home prices are rising at a slower pace. Even still, values increased 5.2% annually in November, only down from 5.3% in October.

Pending home sales were down slightly in December. Although tight supply continues to play a role, a drop in mortgage rates is expected to help.

New home sales were up 16.9% in Novemeber, vs 2.9% expected. The median sales price of new houses sold in November 2018 was $302,400.

See you again next week!

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

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