Markets In A Minute

From Terry Barnette, Please enjoy this quick update on what happened this week in the housing and financial markets. Stocks have started the year off with the worst performance ever, causing traders to seek safety in bonds, including mortgage bonds. This has helped rates. Concerns over the world's second largest economy, China, have contributed to poor stock performance. China's economic struggles support low mortgage rates. Dropping oil prices have also been a factor. Poised to fall below $30 a barrel, declining oil prices are disinflationary and contribute to stock market weakening. Buying a house on Amazon? Companies like Ten-X are looking to help brokers offer real estate investors the ability to buy properties with the click of a mouse. NAR's chief economist, Lawrence Yun, expects 2016 home sales to improve over 2015 by 1-3%. 2015 was the best year for housing in nearly a decade. Mortgage purchase applications soared, up 74% over the previous week. Purchase applications were also 19% higher than during the same week in 2015. As two college students sat talking, their conversation drifted to cooking.  "I got a cookbook once," said one, "but I could never do anything with it."  "Too much fancy work in it, eh?" asked the other.  "You said it. Every one of the recipes began the same way...'Take a clean dish.'"     Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Information brought to you by Rodney Long

Mortgage Investors Group
Loan Officer Assistant
NMLS #411959; TN Lic #126825; GA Lic #47508
(423) 899-2887 x 303
rodney.long@migonline.com
www.migonline.com/rodney.long

Terry L Barnette 
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-370-1999
Office: 423-473-9545 x217

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