C21AGVoices

Another day, another strong report for housing. The Pending Home Sales Index climbed 2 percent in December, according to the National Association of REALTORS®

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Mortgage rates remain low but qualification standards do not. Last quarter’s banking survey shows that guidelines may be loosening, though. It’s another good sign for housing.

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This morning, at 8:30 AM ET, the Bureau of Labor Statistics released its Non-Farm Payrolls report for January 2011. Mortgage rates are rising in response.

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As of this morning, mortgage rates are higher over 9 consecutive days, marking the longest mortgage rate losing streak in the last 6 years, at least.

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The Federal Open Market Committee begins a 2-day meeting today in Washington D.C. It’s the group’s first meeting of 2011 — one of 8 scheduled for the year.

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Today, the Federal Open Market Committee voted 10-to-0 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent. Mortgage rates are reacting.

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For this month — and for the rest of 2011– employment data will figure big in mortgage markets and for home affordability. Last week’s release is the first big splash.

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Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010.

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Currently, relative to fixed rate mortgages, ARM pricing is excellent. Freddie Mac’s weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent.

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According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December.

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