|This week had good news for the near future with the index of leading economic indicators growing 0.7% in February, led by improving jobless claims. However, it’s not so much the slight increase in the indicators that bids well for our economy, but the fact that this is the 6th month in a row with a positive trend. This foretells that economic progress will continue through the summer and possibly beyond.
On the home front, U.S. single-family home sales fell in February, but prices jumped to their highest level in eight months keeping hopes alive of a recovery in the housing market. What’s more, housing permits in February jumped by 5.1 % to an annual rate of 717,000 with gains in both single and muli-family permits. This is the strongest monthly permit number since October 2008, and it is up 34.3 % from a year ago.
All of the above puts upward pressure on rates, which jumped up over the 4% mark this week. This is just another reminder of why it’s risky to play the waiting game in today’s market. Remember: “Buy now or later could be too late.”
This week Freddie Mac’s 30 year fixed rate survey rose to 4.08% depending on program, credit and points.
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