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Mortgage Daily News

Mortgage Rates Down 0.25% This Week

Posted To: Mortgage Rate Watch

At the end of last week, the average top-tier 30yr fixed mortgage rate quote was 4.375%. As of today, the exact same scenario would be at 4.125%--a quarter of a percentage point lower. That's an uncommonly big move for a single week, but it's one we've been tracking eagerly in recent days. Why is it happening? The first phase of the move had to do with the Fed's surprisingly friendly policy announcement on Wednesday. Due to the time of day that the Fed news came out, markets didn't have a chance to fully react to it until yesterday. Even so, the drop in rates was already much bigger than average. But this morning took it to the next level. In the middle of the night (in the US, anyway), economic data for Europe was released that showed a serious slowdown in German and French manufacturing....(read more)

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Freddie Downgrades Economic Forecast but Bullish on Housing

Posted To: MND NewsWire

Like virtually all the experts, including those at the Federal Reserve, Freddie Mac's economists have reduced their expectations for economic growth . The company's March forecast is for growth in the first quarter of 2019 to shrink to 1.2 percent. They do see it regaining its footing later in the year, but it will still decelerate from 2018 to 2.0 percent this year and 1.8 percent in 2020. They blame the first quarter retrenchment on a decline in residential fixed investment, consumer spending, and the effects of the partial government shutdown in January. The economists see a brighter picture for the real estate market , with the significant decline in mortgage rates since last fall being one of the main drivers of improvement. The forecast is for existing home sales to bounce back and trend...(read more)

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Existing Homes Sales Post Huge February Gain

Posted To: MND NewsWire

Existing home sales took off like a rocket in February, with strong results in three of the four major regions. The National Association of Realtors® (NAR) said single-family homes, townhouses, condominiums and cooperative apartments were sold during the month at a seasonally adjusted annual rate of 5.51 million. This is an 11.8 percent increase over the January sales rate of 4.94 million and is the largest month-over-month gain since December 2015. Despite the unexpected gain, months of lackluster sales have left year-over-year sales behind by 1.8 percent. Analysts were looking for results in a range of 4.99 million to 5.47 million. Econoday , sponsor of the poll, said their consensus of 5.10 million reflected an expected rebound in the West, an accurate prediction in part. Single-family...(read more)

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Our Office
1582 Route 9
Moreau, NY 12828
(518) 743-1414
(518) 824-1132 Fax

Michael Pugh, Licensed Real Estate Broker
Email: mpugh@betterwayrealty.com

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