Mortgage rates sink to the lowest level in a year

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March 14, 2019 11:32am BATS:ITB

Slumping Home Sales

From Steve Goldstein: Mortgage rates skidded last week to the lowest level in a year.


Freddie Mac said the 30-year benchmark mortgage rate fell 10 basis points to 4.31% in the week ending March 14.

The 15-year fixed rate fell to 3.76% from 3.83%, while the 5-year hybrid adjustable rate mortgage fell to 3.84% from 3.87%.

“Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower,” said Sam Khater, chief economist of Freddie Mac, in a statement.

Housing activity has been lackluster since the summer, with new-home sales falling in January. Rates would have to drop significantly lower to spur new activity.


The iShares U.S. Home Construction ETF (ITB) was trading at $34.48 per share on Thursday morning, down $0.31 (-0.89%). Year-to-date, ITB has declined -21.04%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.

ITB currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #27 of 33 ETFs in the Industrials Equities ETFs category.


This article is brought to you courtesy of MarketWatch.


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