A large drop in initial jobless claims—to their lowest level in 14 years—was offset by a disappointing drop in December pending home sales. This despite record-low mortgage rates and a much stronger labor market. Meanwhile according to the U.S. Department of Commerce, in anticipation of a hot spring home buying season, homebuilders are increasing their building of speculative homes. Conforming no point 30 year fixed mortgage rates average 3 5/8ths with 15 year rates closer to 2 7/8ths.
And now for something completely different… Did you know that in Armenia the game of Chess has become a mandatory school subject for every child over the age of 6? That’s an excellent “move” more countries should consider.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.