Mortgage Rates Dip Lower - 4/16/21
- Consumer prices rose more than expected in March, up 0.6% from February and 2.6% from a year ago. However, the Fed expects inflation to be transitory and is not concerned.
- Retail sales surged 9.8% in March over February, boosted by stimulus funds, warmer weather, and the removal of some pandemic related restrictions.
- Jobless claims fell last week to the lowest level since March 2020, when the pandemic began. The decrease in claims shows the labor market continues to improve.
- Home builder confidence increased slightly in April, according to the NAHB index, even as builders continued to grapple with rising lumber prices and supply chain issues.
- Google searches reflect homebuyer challenges in a low-inventory market. Consumers are googling phrases like, “How much over asking price should I offer on a home in 2021?”
- Purchase applications made up a majority of mortgage applications in March (52%), beating out refinance apps for the first time since December 2019 and underscoring the market’s shift.