Need to give your clients one more reason to become homeowners? The flexibility of home equity as a financial tool for the future!
A home equity loan* is one way to tap into a portion of their home’s value without having to sell it. They’ll receive the cash as a lump sum upfront to use however they please, such as:
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Home improvements or repairs
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Consolidate high-interest debt
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Pay for tuition, medical or unplanned expenses
Give me a call today to explore all your client’s mortgage options for today and in the future.
Weekly Market Update
Mortgage rates ended the week flat (as of Thursday afternoon), after another volatile week for rates. We saw some good news this week with inflation data coming in weaker than what was expected. Rates were expected to have moved lower with this news, but rates have stayed stubbornly high due to tariff headlines coming from the White House. The market is concerned with what the impact of the tariffs will be.
Rates have moved lower in the past month due to fears of a growth, but the inflationary pressure of the tariffs have put in a floor how low rates will go for the time being. The market is taking a wait and see approach to all the new policies coming from the White House. There is a case that the tariffs will be inflationary, which will keep rates high. There is a case that the government spending cuts will be deflationary, pushing rates lower. For the time being, the market will wait to see how the economic data shakes out before deciding if rates should move lower.
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U.S. 10-year Treasury on Thursday afternoon is at 4.26%
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Initial Jobless Claims came in lower than analyst’s expectations (220k claims vs expectations of 225k)
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PPI came in lower than analyst’s expectations (+0.0% m/m vs expectations of +0.3% m/m)
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CPI came in lower than analyst’s expectations (0.2% m/m vs expectations of 0.3% m/m)
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Core-CPI came in lower than analyst’s expectations (0.2% m/m vs expectations of 0.3% m/m)
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JOLTS Job Openings came in higher than analyst’s expectations (7.740mm openings vs expectations of 7.6mm openings)
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Mortgage Applications rose by 11.2% this week
Mortgage rates ended last week slightly higher than they started the week. Job openings were better than expected in January according to the Job Openings and Labor Turnover Survey (JOLTS). Mortgage application submissions increased, inflation came in cooler than expected in February, and jobless claims decreased.
MORTGAGE RATES CURRENTLY TRENDING
THIS WEEK’S POTENTIAL VOLATILITY
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Job openings on the Job Openings and Labor Turnover Survey (JOLTS) from January came in above expectations at 7,740,000.
Mortgage application submissions jumped 11.2% during the week ending March 7. Refinance application submissions increased 16% while purchase application submissions increased 7%.
Inflation on February’s consumer price index (CPI) was cooler than expected, coming in at 3.1% annually and 0.2% month-over-month. Core inflation was below expectations as well.
Continuing jobless claims were at 1,870,000 during the week ending 3/1, which was a 27,000 decrease from the week before. Initial jobless claims were at 220,000 during the week ending 3/8, which was a 2,000 decrease from the week before.
