After three consecutive months of decline, the S and P Case-Shiller 20-City Composite Index remained nearly unchanged in February. Year-over-year home prices rose by 12.90 percent in February as compared to 13.20 percent in January.
Last week’s economic news supported recent reports that home sales were fewer and home prices increased, but did so at a slower pace; however, this morning Pending Home Sales for the Month of March beat expectations at 3.4% vs. the expectation of 1.00%. This is putting pressure on mortgage rates to start off the week.
Mortgage rates remain in an extremely tight range with very little movement going back months. This lack of volatility while helpful in making the decision to lock easier, is not the norm and likely not sustainable. With that in mind we have a big week of economic data schedule for release capped by Friday’s Non-Farm Payroll Report which is usually a big market mover.