Winter weather hinders mortgage activity
Mortgage applications fell to their lowest point in two months after severe winter weather across many parts of the country kept buyers sidelined. Total mortgage activity fell 11.4 percent during the week ending Feb. 19. This information is according to data from the Mortgage Bankers Association.
Historic storms in Texas played a large role in the sharp decline in mortgage applications.
“[The storm] affected many households and lenders, causing more than a 40 percent drop in both purchase and refinance applications in the state last week,” said Joel Kan, vice president of economic and industry forecasting for the Mortgage Bankers Association. He noted, however, that “the housing market in most of the country remains strong with activity last week 7 percent higher than a year ago.”
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.
China’s commerce minister appealed to Washington for “joint efforts” to revive trade but gave no indication Wednesday when tariff war talks might resume or whether Beijing might offer concessions.
“Cooperation is the only correct choice,” Wang Wentao said at a news conference.
President Joe Biden has yet to announce a strategy for dealing with Beijing but is widely expected to renew pressure on trade and technology complaints that prompted his predecessor, Donald Trump, to raise taxes on Chinese imports.
Wang said he looked forward to “joint efforts” to “push bilateral economic and trade relations back to the track of cooperation.” He noted President Xi Jinping talked with Biden by phone on
Feb. 11 but gave no indication when negotiations might resume.
Washington and Beijing have raised tariffs on billions of dollars of each other’s goods, disrupting global trade. They agreed last January to postpone further penalties but most taxes already imposed stayed in place.
Beijing agreed to narrow its trade surplus with the United States by purchasing more American soybeans and other exports. It fell short of the targets set due to the coronavirus pandemic and bought about 55 percent of the promised goods.
China’s foreign trade situation is “severe and complicated,” Wang said. He said Beijing is launching e-commerce and other initiatives to encourage sales. One focus will be markets in its “Belt and Road Initiative” to build ports, railways and other trade-related infrastructure.