01.22.16-What a market week. Beautiful weekend to buy a home.
Some great news with the existing home sales report showing a 14.7% increase in December sales, a record breaking month of largest % increase. Rates will certainly continue to offer a chance to continue this trend month in and month out this year.
The downside of this report is a sign of a strong recovered economy. Team this with a bounce to the positive after several weeks of major stock losses it is creating some pressure to sell treasuries and Mortgage Backed Securities aggressively so far this morning.
Looks like we are back in the trend of stocks follow oil prices and when they are both shooting up, we are going to see some rate increase. Let's hope since it is Friday and Snowmageddon will be hitting the East Coast trading drops quickly by lunch time. This could stem some negative re-pricing today. So far we are trading sideways still and working in the same narrow band of pricing and holding onto the lowest rates since October '15. Today's rates are still lower then they were through all of December record breaking closings. Available all weekend for Conditional Approval's to write contracts. No lender fee, No origination charge & No application fee.
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