Mortgage Updated 2/19/21

nguyener

Member
Extremely strong economic reports were negative for mortgage markets this week. With the rollout of the Covid vaccine gaining steam and additional government stimulus on the way, most investors expect that future data will be even more impressive. As a result, mortgage rates ended the week at their highest levels in months.

Since consumer spending accounts for over two-thirds of all economic activity in the US, the retail sales data is a key indicator of growth. Following three straight months of declines, sales jumped sharply in the latest report, boosted by the $600 stimulus payments distributed to millions of people. In January, retail sales increased a massive 5.3% from December, far above the consensus forecast of 1.2%.

Looking ahead, investors will continue watching Covid case counts, vaccine distribution, and the size of the government stimulus spending bill.

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Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
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Website  |  www.visionquestlending.com
 
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