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Rate Update

Mortgage rates continue to be choppy but ended the week unchanged.┬áHousing Starts were down 4.3% and Building Permits were up 16.7%. Home Builder Confidence was unchanged for the third straight month in January. Existing Home Sales jumped 12% in December to a 5.28 million annual rate. Regardless, housing is slow, and continues to grapple with the “shadow inventory” of foreclosures.┬áThe National Association of Home Builders noted that the difficulty in obtaining financing and accurate appraisals continues to plague the industry. Currently, the 30 Year Fixed is 4.500% (4.661% APR) and the 15 Year Fixed is 3.750% (3.995% APR). This week is very busy with the State of the Union Address, the Fed meeting with the statement to be released on Wednesday, Q4 Gross Domestic Product, $99 billion of short-term Treasury auctions. We also have more housing data with Case-Shiller Home Price Index, New Home Sales and Pending Home Sales.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile