Existing Home Sales (nationally) slipped in January, off 1.3%, to a 5.460 million annual rate, yet still showed a nice yearly 9.6% rise. Sales gained in the South and Midwest, were unchanged in the Northeast, and fell only in the West. Locally is a different picture as we are showing an increase in sales and prices.
UP AND DOWN… Growing coronavirus concerns sparked a big sell-off that sent all three major stock indexes down and now into correction territory.
Of course, the sell-off may have simply been motivated by investors taking profits after the prior run-up and before stocks suffer any temporary losses from the slowing Chinese economy and disrupted supply chains.
Coronavirus worries rallied bonds. The 30YR FNMA 4.0% bond ended UP .22, to $104.81. The national average 30-year fixed mortgage rate edged up a mere two basis points (.02%) in Freddie Mac’s Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.