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For the Week Ending September 21, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Mortgage rates crept up this week to the highest levels since May. Market indicators and analysis suggest they will not fall any time soon.
Consumer sentiment rose to a 17-year high last week. Confidence improved as consumers grow more optimistic about the economy and their personal finances.
The labor market also continues to show strength and is considered at or near full employment. Unemployment filings for last week fell to a near 49-year low.

 

Home builder sentiment rose unexpectedly in September to its strongest level in 11 months, prompted by renewed interest in purchases following a summer lull.
Housing starts rose in August, boosted by a jump in multifamily construction and a rise in single-family homebuilding. Building permits, however, fell slightly.
Existing home sales were unchanged in August, following 4 months of declines. Supply continues to be an issue, although demand remains strong.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


 

For the Week Ending September 14, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Trade tensions with China continue to help keep mortgage rates low. Although more talks are expected, new tariffs could be imposed any time.
Overseas central banks kept rates unchanged this week. Since many overseas investors buy U.S. Treasuries and bonds, this helps keep rates low.
The Fed meets next week for their Federal Open Market Committee meeting. They are expected to raise policy rates, but mortgage rates should be unaffected.

 

Homes for sale are not lingering on the market for long. Properties typically sold in 27 days, shorter than the 30-day median from a year ago.
Although mortgage rates have moved up a bit, mortgage purchase applications were actually up 1% over the previous week and were up 4% over last year.
Younger Americans are waiting longer to get married, according to CNBC. However, marrying later means they could have more money for home buying.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


Are you getting ready to buy a home? If so, here are four keys to being prepared so you can make your very first offer!

1. Know what you can afford and how much cash you will need. Knowing what you qualify for before looking at any homes will save you the disappointment that can come from falling in love with a home that's out of reach. We'll be happy to "pre-qualify" you now so you'll know what will work later.

2. Know where you want to be. Learn about the neighborhood before you make an offer to buy. Sample the commute. Talk to would be neighbors. See the schools, shops and services before you start negotiating.

3. Choose your property type. Consider your range of choices: single family, multi-family, townhome, condo, co-op, new construction, etc. Know the pros and cons of each. Decide which is best for you, and define your search accordingly.

4. Obtain a valid pre-approval before you make an offer. This entails document verification, a credit check and automated or actual underwriting. If all is in order, you will receive the equivalent of a loan commitment that's subject to a contract, appraisal and title work. Your pre-approval gives you and the seller confidence in your ability to close the deal once you find your perfect home.

You will probably buy a home only a few times in your life, but we're laser focused on the process every day. We know how important proper preparation can be to making the process easy and rewarding. Now, so do you.

 


 

For the Week Ending September 7, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

Trade issues continue to help keep mortgage rates low. Talks continue between the U.S. and Canada, but tensions are escalating between the U.S. and China.
The White House Council of Economic Advisers says wages are growing faster than "traditional measures" indicate. Wage inflation can contribute to rising interest rates.
Last week, jobless claims fell to a 49-year low as private payrolls rose in August. The sustained labor market strength should continue to drive economic growth.

 

CoreLogic's Home Price Index report for July shows home prices across the U.S. rose by 6.2% year-over-year. However, home price increases are decelerating.
A recent Harvard Business School study reveals the "Starbucks Effect" on home prices. The authors say a new Starbucks raises prices by 0.5% in a ZIP code.
A Redfin survey shows recent increases in mortgage rates aren't scaring away buyers. Only 2.6% had decided to postpone their search.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 

 


 

For the Week Ending August 31, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Consumer confidence was expected to slip in August. However, it was at its highest level since October 2000 as it built on July's solid measure.
Consumer spending also increased strongly in July, pointing to solid economic growth. Inflation rose too, which could pressure rates higher in the future.
Although jobless claims were up slightly last week, the underlying trend points to a robust labor market. The jobs market is viewed to be at or near full employment.

 

Case-Shiller data for July shows that although home prices are increasing, it's at a slower rate. Prices rose in June at the slowest monthly pace in almost 2 years.
Pending home sales were down slightly in July, the 7th straight month of annual declines. NAR says tight supply and increasing prices are to blame.
Home buyers are looking for better digital resources to speed up the mortgage and home buying process. However, they also say they still want a human touch.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 

 


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