Mortgage Rates Dip, Retail Sales Weak In December
By Dean Tucker NMLS 103829, Mortgage Banker
(Dean Tucker Benchmark Mortgage)
Consumers keep spending, the economy keeps growing. Mortgage rates are improving this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010. Excluding motor vehicles and auto parts, December's sales receipts were $1.5 billion higher from November. Analysts had expected a number north of $2 billion. Despite falling short of estimates, however, December's reading is the highest in Retail Sales history, surpassing the previous record set in July 2008, set during the recession. In addition, December's strong numbers helped 2010′s year-over-year numbers go positive for the first time in 3 years. Although the data is a mixed bag for Wall Street, home affordability in Eagle is improving today. The link between Retail Sales and home affordability may not be...