Weekly Economic Update

Last week’s Retail Sales report fell short of expectations and revealed a 0.4 percent decrease. This is the second monthly decline, with many retailers citing harsh weather as the reason for the decline.

In housing news, RealtyTrac noted that January was the 40th month in a row of declining foreclosure activity.

Bottom Line for Mortgages:

The Federal Reserve is watching economic headlines closely as they weigh the decision to continue winding down the bond-buying programs that have kept rates low. Less than positive reports will have an impact on their decisions. 

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