Weekly Economic Update

The National Association of REALTORs reported a rise in existing home sales last month. 

Our local KCRAR also reported a 2 percent rise in existing home sales over the prior year, which is more good news.

Bottom Line for Mortgages:

Concerns over industrial output in China helped drive mortgage rates to some of their lowest levels in months last week, as investors sought the “safe haven” of U.S. treasury bonds.

The Federal Reserve will be meeting this week on Jan. 28-29. They will be looking at housing, inflation and recent employment data very closely as they wrestle with the decision to “taper” their bond-buying efforts. 

Mortgage rates are very favorable as we start the week. 

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