Weekly Update

Last week’s surge in housing starts was welcome news, except that most of the gains were due to multi-family construction. Weekly jobless claims fell to the lowest level since May 2007, in a sign the labor market continues to sputter along.

In other news, HUD is considering making some changes to FHA mortgage insurance programs to make it easier for under-served borrowers to access home financing. Take a look at the Access Blueprint created by Housing and Urban Development.

Bottom Line for Mortgages:
Rates improved to their best levels of the year last week, but reports at both the consumer and producer levels indicate inflation is starting to rise, which could cause mortgage rates to rise. 

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