Mortgage rates improve on heightened trade tensions
A HUGE THANK YOU to all the teachers and educators who work hard to support our children in their growth and development. Today is National Teacher Appreciation Day.
I’d like to thank Professor Randy Grant of Linfield College who helped me find a passion for economics and finance. Thank you Randy! You are an excellent person and educator.
Mortgage rates have improved modestly in the last couple days thanks to uncertainty around a new trade deal with China.
Over the weekend US trade officials threatened China with additional trade tariffs if an agreement was not reached soon. In reaction to heightened trade tensions US stocks have declined yesterday and today which has helped home loan rates improve.
Home Price Appreciation
Earlier today CoreLogic released its Home Price Index report for March. It showed that national home prices increased by 3.7% from last year. It also forecasted that home price appreciation would accelerate to +4.8% in the next year.
Demand for housing
Zillow released THIS POST yesterday which highlights the demographics of the US and how it is supportive of demand for housing. According to the article an additional 3.11 million people which reach “prime first-time home-buying age” (34 years old) over the next eight years. Portland’s age demographics mirror this forecast.
The Week Ahead
The economic calendar is light this week. There are a handful of Fed officials with scheduled speeches including Chairman Powell who will speak on Thursday. On Friday the Labor Department will release the latest reading of the Consumer Price Index.
Current Outlook: locking bias