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For the Week Ending October 18, 2019

 

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

Retail sales declined unexpectedly in September, the first time in 7 months. The report could signal the economy is softening, possibly helping keep rates low.
A Phase I trade deal with China was agreed upon, though not yet signed. A finalized deal would eliminate some of the economic uncertainty that has contributed to lower rates.
Jobless claims rose marginally last week, suggesting the labor market remains strong despite an overall slowdown in hiring and prospects of a weaker economy.
Home builder confidence surged to the highest level in nearly 2 years in October, attributed mainly to lower mortgage rates bringing in buyers and boosting sales.
Although housing starts fell 9% in Sept., a surge in permits suggests the decline is just a brief pause. Single-family construction rose for the 4th straight month.
The housing market was the bright spot in the Fed's monthly economic snapshot. The Fed also noted that tight inventory is placing a strain on home sales.

 

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 October 11, 2019

 

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

 

Last week's manufacturing data left markets feeling that the Fed will cut rates again this month, more than doubling the likelihood to 80+%.
Producer prices fell unexpectedly in September, leading to the smallest annual increase in nearly 3 years. This is also supportive of better mortgage rates.
High level trade talks with China resume this week. If any kind of deal gets done, it could include suspending next week's planned increase on tariffs.
According to a recent survey, consumer sentiment on housing remains strong. Respondents felt it was both a good time to buy and a good time to sell a home.
According to data from the Home Mortgage Disclosure Act, mortgage denials have fallen to the lowest rate since the financial crisis and dating back to 2004.
Three minor upgrades that can spruce up a home quickly? Get the most bang for the buck by updating the front door, the mailbox, and the light fixtures.

  

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 October 4, 2019

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

A recent string of disappointing economic data has caused stocks to plummet and bond yields to drop. When yields drop, mortgage rates generally improve.
The labor market, on track to add about 1.9 million jobs this year, could be faltering. It's the smallest jobs gain since 2010 and down 2.7 million from 2018.
Markets are now pricing in an October Fed policy rate cut, the 3rd in as many months. This speculation is helping mortgage rates improve.
The housing market may be a bright spot in a worrisome economy. The forecast for home sales is good due to rising demand and a projected uptick in inventory.
Single-level homes are making a comeback. One-story homes comprised 47% of new home construction in 2018, up from 45% in 2017.
Fannie Mae and Freddie Mac will be allowed to keep more earnings, a total of $45 billion moving forward, as an initial step toward exiting government control.

 

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 27, 2019

 

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

 

 

Consumer confidence fell sharply in September, the biggest drop in 9 months. The escalation in trade tensions with China may have contributed to the decline.
U.S. business investment contracted more sharply than estimated in the 2nd qtr. The data cast a shadow on the economy, increasing concerns of a recession.
Jobless claims increased to a 3-week high of 213,000. However, the 4-week average, a less volatile measure, fell to 212,000, the lowest since July.
According to the FHFA, July's single-family home prices came in 5% higher than the previous year. The increase marked slower but still strong growth.
Pending home sales were up in August, 1.6% over July and 2.5% year-over-year. Lack of available inventory is still being blamed for holding back sales.
New-home sales rebounded 7% in August over July, flirting with a 12-year high, and were up 18% year-over-year. Low mortgage rates likely played a role.

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 20, 2019

 

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

 

 

Mortgage rates were not directly affected by the Fed policy rate cut this week. Mortgage rates are based on markets that are influenced by but not controlled by Fed policy.
An attack on Saudi Arabia's oil production facilities reduced output, driving up the cost of oil. Consumers are seeing higher gas prices at the pump.
Manufacturing output increased solidly in August, but the outlook for factories remains weak amid trade tensions and slowing global economies.

 

Homebuilder sentiment surged to the highest level of the year in September. However, rising rates and the trade war with China are causing concerns.
Housing starts hit a 12-yr high in August. Both single- and multi-family home construction increased, boding well for declining inventories.
Existing home sales rose to a 17-month high in August. It was the 2nd straight month of gains, likely helped by August's low mortgage rates.

 

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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