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Ventura County Mortgage Rate & Home Value Update
Chris B Johnson           

REALTOR®, Certified REO & Short Sale Specialist at Allison James Estates & Homes Elite

Ventura County Mortgage Rate & Home Value Update

Weekly Mortgage Rate Update

The big event over the past week was Thursday’s ECB meeting. The stimulus measures announced by the ECB made investors more willing to own riskier assets such as stocks, which was negative for safer assets such as bonds. The small amount of U.S. economic data released over the past week had little impact. As a result, mortgage rates ended the week higher.

 

THIS WEEK’S RATE TREND IS UP

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Mixed Economic Data
The prime influence on mortgage rates over the past week was the economic data. The two most significant reports were a bit stronger than expected. As a result, mortgage rates ended the week a little higher. 

Friday’s Employment report contained mixed news for mortgage rates. Job gains remained strong. Against a consensus forecast of 190K, the economy added 242K jobs in February. Upward revisions to prior months added another 30K. The service sector performed well, while weakness was seen in mining and manufacturing. The Unemployment Rate remained at 4.9%, as expected. Average hourly earnings, an indicator of wage growth, declined slightly from January, well below the consensus for a modest increase. The net effect of the strong job gains and the weakness in wage growth was a small increase in mortgage rates following the release of the report.

The ISM national services index released on Thursday indicated that the service sector continued to expand, but at the slowest pace in two years. While down slightly from January, the reading of 53.4 for February was a little stronger than expected. A reading above 50 indicates an expansion in the sector. The service sector accounts for roughly two-thirds of U.S. economic output. Investors will be closely watching the pace of growth in the service sector in coming months, and any signs of weakness would be positive for mortgage rates.

Looking ahead, the next Fed meeting will take place on March 16. No change in the federal funds rate is expected, but the comments from the Fed could have a major impact. Before that, there will be a European Central Bank (ECB) meeting on March 10, and it is expected that they will announce additional stimulus measures to help boost economic growth. The report on U.S. retail sales will be released on March 15. Consumer spending makes up about 70% of economic activity, so this report is closely watched. The consumer price index (CPI), an important monthly inflation indicator, will come out on March 16.

 

Chris B Johnson, REALTOR®SFR®CDPE®, CHS®

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Chris B Johnson, REALTOR®               Featured Listing                  

Time to Sell Your Home?  

Mortgage Pre Approval      Neighborhood Market Report            

   Time  To Buy A Home

Moorpark Home Values & Market Trends                  

   Moorpark Condo Values & Market Trends

 

Chris B is a Real Estate agent at Prudential California Realty (License No. 01501699), covering the greater Moorpark area.
Phone: 805-208-0823
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short sale agent in Moorpark

short sale agent in Moorpark    Moorpark short sale realtor    short sale specialist in Moorpark

Helping Moorpark home owners avoid foreclosure with a short sale.
Chris B Johnson specializes in short sales in Moorpark .I am your Moorpark Short Sale Specialist Realtor and Moorpark loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.
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