Check out this week’s update from Trident Mortgage‘s Senior Mortgage Consultant, Jason Griesser.
Mortgage rates had little movement this week. We had a little see-saw with some pressure on rates mid-week, but then recovered to end the week at the best levels mortgage rates have been in over six months. The movement was reinforced when the market received some disappointing news in retail sales. Retail sales are a huge barometer for consumer spending and overall economic activity: accounting for over one-third of all consumer spending in the U.S.! The news created some angst from investors about the economic forecast for the rest of the year. The negative news is what kept mortgage rates low to end the week. The good news is that an important housing report did bring very good news. Housing starts were surprisingly higher. Housing starts, which reports how many single family homes were constructed, rose 13% from March’s report and up 26% from last year. Great news for what seems to be a continued recovery throughout housing!Jason F. Griesser, CMB
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611