- January existing home sales were down 3.2% from the previous month, and were down 4.8% from January 2017, according to the National Association of Realtors. The median sales price of existing houses sold was $240.5 thousand, 5.8% above January 2017. There were 1.52 million existing homes for sale at the end of the month. This represents a supply of 3.4 months at the current sales rate, compared to 3.6 in January of 2017.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed average 30-year fixed mortgage rate increasing for the seventh consecutive week. 30-year fixed-rate mortgage averaged 4.40% for the week ending February 22, up from last week when it averaged 4.38%. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.16%. 15-year fixed-rate mortgage averaged 3.85%, up from last week when it averaged 3.84%. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.37%.
- Mortgage applications decreased 6.6% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 16th.
- The advance figure for initial claims for unemployment insurance decreased 7 thousand to 222 thousand in the week ending February 17. The 4-week moving average was 226 thousand, a decrease of 2.25 thousand from the previous week’s revised average.
- The Conference Board index of leading economic indicators increased 1.0% in January, following an increase of 0.6% in the previous month. Over the six-month span through January, the leading index increased 3.8% (about a 7.8% annual rate). The Conference Board coincident economic index increased 0.1% in January, following a 0.3% increase in the previous month. Over the six-month span through January, the coincident index increased 1.2% (about a 2.4% annual rate).
- The Chicago Fed National Financial Conditions Index (NFCI) edged up to negative 0.80 for the week ending February 16. Risk indicators contributed negative 0.30, credit indicators contributed negative 0.33, and leverage indicators contributed negative 0.16 to the index in the latest week.
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