ADP jobs increase and mortgage applications decrease
Posted February 1, 2012
The ADP Report showed the private sector added 170,000 jobs in January – that number is much lower than the December figure. Market reaction was mum to the January number.
Bonds continue their narrow yield movement, helping to keep mortgage rates close to all-time lows.
Mortgage applications were down 2.9 percent for the week ending Jan. 27. The decrease occurred even though rates remained strong. One interesting note – according to the Index, participants in the HARP Refinance program accounted for about one in ten mortgages currently being originated. The overall percentage of refinance volume as it relates to all mortgage volume slipped to 80 percent – down from the 82 percent figure we saw a few weeks ago.
Inman News has listed the Triangle as the No. 1 Housing Market to watch in 2012… strong fundamentals keep us at the top of the national list for housing strength and growth as we go through 2012 and beyond.