Here's today's one minute update of what happened yesterday with mortgage rates, housing and the economy: 

We start yet another the week off again with mortgage rates moving lower but it wasn't because of China this time nor was it because of weak economic data here at home, this time it was a result of falling oil prices.   As long as there is concerned about the economy whether it is because of falling oil prices or other geopolitical or macro economic events, mortgage rates will continue to move lower that is unless the Federal Reserve  would be so foolish as to raise interest rates.  The rate hike that they did in December very likely could be the only rate hike that will see in 2016 if we continue down this current path.

 

NOTE TO LISTENER:  Each day, David Lykken produces a one minute video, called Today's Mortgage Minute, that covers what happened with mortgage rates, housing and the economy.   This video can be found on hundreds of radio, television and newspaper websites across the nation.  Mr. Lykken seperates the audio from the video and posts just the audio here at this site.  So, be sure to come back hear each and every day to hear a brief rate and market overview.

Last week there were external events, primarily China, that had the biggest impact on the markets. Certainly that is possible again this week but the focus will be more on oil prices at least as it relates to the stock market.  Absent some major  macro economic events outside of our borders or  major news announcement such as new geopolitical unrest, here's what's on the economic counter that could have an impact on mortgage rates.

Have you ever wonder how much of home you could buy in other parts of the country?  Well, here's a website that shows home values across the country... http://www.trulia.com/home_prices/

Yesterday's Existing Home Sales came in stronger than expected  exceeding last month's numbers and economists estimates. Mortgage rates rose just slightly yesterday but are expected to stay at these levels a bit longer, which should continue to strengthen the housing market.

Here is a brief overview of what happened this week with mortgage rates and the housing market.

Yesterday's Stock Market woes push mortgage rates yet even lower but we also received some interesting housing starts information.