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Real estate daily market update: February 1, 2018

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 We’ll add more market news briefs throughout the day. Check back to read the latest.

Most recent market news

Thursday, February 1

Freddie Mac Primary Mortgage Market Survey

Said Len Kiefer, deputy chief economist at Freddie Mac:

“The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates.

“The 30-year fixed rate mortgage is up over a quarter of a percentage point (27 basis points) from the first week of the year. 30-year fixed mortgage rates have increased for four consecutive weeks and are now slightly above where they were last year at this time.”

Zillow Mortgage Rate Ticker

Source: Zillow

“Mortgage rates continued their upward momentum of the past three weeks, touching their highest levels since March,” said Aaron Terrazas, senior economist at Zillow. “Each new wave of economic data points to a tight labor market and steady GDP growth. These rosy fundamentals, combined with the larger federal borrowing as a result of tax reform, are putting upward pressure on mortgage rates.

“This week markets will watch Friday’s January Jobs Report for continued employment gains and signs of wage growth. San Francisco Fed President John William, a voting member on the FOMC this year, is expected to speak on Friday and his comments will be closely parsed for implications for the path of interest rates ahead.”

Wednesday, January 31

Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey

Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 26, 2018.

Tuesday, January 30

First American Real House Price Index

S&P CoreLogic Case-Shiller Indices

Read the full report here.

Monday, January 29

Bankrate Mortgage Rates

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