Mortgage Rates Boost on the Back of Improved Economic Environment
Mortgage applications, refinancing and purchase declined over the week as mortgage rates increased
Consumer spending improved in January, as the core PCE index improved 1.7% year-over-year (YoY). According to the US Department of Commerce, seasonally adjusted total construction spending increased 10.4% YoY in January. As per the February Manufacturing ISM Report on Business, the PMI improved and stood at 49.5% in February, up 1.3% from January. The PMI figure below 50% means the manufacturing economy is contracting. Consequently, the manufacturing index improved while the sector remained in contraction phase.