Mortgage Market News

Home prices across the nation rose on an annual basis in April led by old fashioned supply and demand, low mortgage rates, and improving finances and confidence. The CoreLogic Home Price Index, which includes distressed sales, rose 6.8% from April 2014 through April 2015. It was the 38th consecutive year-over-year increase in home prices nationally. However, prices are still 9% lower from the peak hit back in April 2006. The spring buying season is typically the strongest time of the year for housing.
Federal Reserve Governor Lael Brainard spoke in Washington this morning and said that recent slowing economic data raises concerns of a weaker than expected economy. Ms. Brainard cites the reasons, which include: a stronger dollar (which makes U.S. imports more expensive around the globe), weakness in Europe and China, along with a drop in oil prices that have decreased energy investments. In addition, recent data does not suggest a significant second quarter bounce and that the strong dollar delays rate normalization.
The highly anticipated May Jobs Report will be released this Friday, June 5. Expectations are that employers added 225,000 new workers last month. The question will be whether or not robust hiring will keep up after solid numbers in April of 233,000, compared with only 85,000 jobs created in March. The Labor Department's Bureau of Labor Statistics will release the report Friday morning at 8:30 a.m. ET.
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