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FIRST TEAM’S WEEKLY MORTGAGE WATCH (FEBRUARY 28TH, 2016) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Economically speaking, the US is mostly doing alright. It's neither spectacular nor dire.
- Last week, mortgage rates moved slightly downward on mixed economic news. GDP was expected to be revised lower, but was adjusted to a meager 1.0%.
- PCE Prices moved higher than expected, but Consumer Confidence lost some ground.
- Existing Home Sales managed to eke out a small increase, but New Home Sales moved lower.
- Almost all experts are in agreement now that the Fed will stand pat on interest rates at its next meeting. All thing considered, there is a good likelihood that mortgage rates will bounce up and down for a