Mortgage Market Update 2/28/18

Mortgage rates were little changed Wednesday in quiet trading.  This morning, fourth quarter GDP was revised lower to 2.5% growth, matching expectations.  The National Association of Realtors reported January Pending Home Sales fell 4.7%, well below the consensus forecast for an increase of 0.5%, to the lowest level in nearly 4 years.  Extreme inventory shortages and the recent rise in mortgage rates were responsible for the disappointing results.  Home sellers are now staying in their homes an average of 10 years, the longest since tracking began in 1981, exacerbating the inventory problem.  No other key data will be released today.

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