From Stuart Crawford at V.I.P Mortgage:
“With a light slate of economic reports last week, the conflict in Ukraine had the greatest effect on mortgage rates. Shifting sentiment about the likelihood of escalation caused some market volatility during an otherwise quiet week. Mortgage rates ended the week slightly lower.
On Tuesday, a Polish official suggested that Russia is massing troops on the border with Ukraine to prepare for an invasion. While there has been a lot of debate about the accuracy of this statement, just the suggestion was enough to worry investors. The concern centers around how the U.S. and European nations would respond, with the possibility of another round of sanctions. The level of uncertainty about the outcome of this conflict is very high.
Europe is still struggling to avoid another recession, and trade restrictions with Russia make this even more difficult. GDP growth in the euro zone has been just slightly positive for four quarters after several years of negative readings. Since slower global economic growth reduces future inflationary pressures, this has been favorable for mortgage rates.
The conflict in Ukraine will remain the primary focus this week. The biggest economic report will be Retail Sales on Wednesday. Retail Sales account for about 70% of economic activity.”
Stuart can be reached at 480.776.2954
And from DS News.com “Housing Improving But Still Searching for Normal”
Hazy recollections of what ‘normal’ looks like since we have not had what local economists call normal since 2003ish. Remember that Phoenix is usually 6-8 months ahead of what is happening in the national real estate market.
Also from DSNews.com is “New Formula Could Revamp Credit Scores Nationwide”
Well its a step in the right direction to help people break down one of the barriers lenders have created to thwart borrowers.