Mortgage Market News

The Mortgage Bankers Association (MBA) reported this week that new home purchases soared 24% in February from January, as would be buyers got a jump on the spring buying season. To break it down, conventional loans composed 67.7% of loan applications, FHA loans composed 18.7%, RHS/USDA loans composed 0.8% and VA loans composed 12.8%. An MBA spokesperson said low interest rates and fairly mild weather in February were key ingredients to kicking off the spring buying season.
The Wall Street Journal recently surveyed business, financial and academic economists on the subject of the odds of a recession. The survey found that the odds of a recession in the next 12 months fell slightly, to 20% in this month’s survey from 21% last month. But the 20% is double from what they were last summer. One of those surveyed put the chances of a recession at 50% due to tightening financial conditions. On the other end of the aisle, another participant sees a zero percent chance of the U.S. falling into a recession.
The unofficial beginning of spring will take place this weekend when Americans "spring forward" at 2:00 a.m. Sunday morning. Spring officially arrives on March 20. Nowadays, most of our devices, including computers, smartphones, tablets and the like, will automatically adjust the time for us. However, remember to change the time on your stoves, microwaves and old school-clocks. In addition, it's a good time to change the batteries in your smoke and carbon monoxide detectors. Due to the time change, your commute to work may be darkerr, but your return home will be in daylight.
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