Market Update for April – Information provided by Pinnacle Capital Mortgage

market april 22

Oil prices rose significantly this week as producers failed to agree on a

production freeze. Higher oil prices help stocks and hurt bonds,

precipitating higher rates.

Last week the lowest number of Americans filed for unemployment in

over 42 years, suggesting the labor market is continuing to gain momentum.

The Fed meets next week to discuss the economy and vote on a possible

policy rate increase. Economists don’t expect a rate increase at this meeting

though.

Home builders’ confidence held steady in April, reflecting an optimistic

outlook for the new homes market. A strong labor market is expected

to help home sales.

Housing starts and new permits were down slightly in March but are

expected to rebound. Overall, housing market fundamentals remain

strong.

Existing home sales rebounded in March after being down in February.

Prices rose 5.7% over last year, while sales jumped 5.1% and

were up 1.5% from a year ago.

Chandler Market Updates April 22 2016

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