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FIRST TEAM’S WEEKLY MORTGAGE WATCH (February 26th, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates shifted into neutral at the beginning of the year after spiking upward as 2016 ended. At least for the time being, they seem to be happy to remain flat.
- Last week saw some strong data coming from the housing market, with Existing Home Sales moving to the highest level since 2007.
- New Home Sales also moved upward, with an increased number of ready-to-sell homes. Because of the lack of existing home inventory, prices continue to be pushed upward in most of the country.
- Rates seemed to mostly ignore comments from the latest Fed meeting minutes that lead some analysts to increase their