US Stocks finished a volatile trading week last week to close at record highs.
This week investors are awaiting updates from President Biden about his infrastructure plan which could cost more that $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said Sunday Biden plans to roll out two packages in the coming months, the first covering infrastructure and the second covering health and family care.
U.S. consumer sentiment continued to improve in late March to a one-year high as more Americans got vaccinations and business restrictions eased in many states. The University of Michigan’s final sentiment index increased to 85.
Six straight weeks of increases have put the 30-year fixed-rate mortgage at its highest level in nine months. According to Freddie Mac, the 30-year fixed-rate average jumped to 3.17 percent. It was 3.09 percent a week ago and 3.5 percent a year ago. The 30-year fixed-rate average hasn’t been this high since June. The 15-year fixed-rate mortgage has also risen for 6 straight weeks and stands at 2.45 percent.