Weekly Economic Update

We received a mix of good and bad housing news last week, with Pending Home Sales down 8.7 percent in December, but builders reported a strong year with an estimated 428,000 new homes sold in 2013.

CoreLogic also reported that foreclosure activity declined 14 percent from last year.

The Gross Domestic Product report for the fourth quarter came in at 3.2 percent, which was above expectations.

Bottom Line for Mortgages:

Last week’s Fed announcement and declining stock prices helped mortgage rates. The Fed announced they will continue to taper their bond-buying program by $10 billion per month, as planned. The Fed’s next meeting will be March 18-19th.

Mortgage rates remain favorable as we start the week.

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