Greenway's Markets in a Minute I Find Out What's Helping Rates
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Consumer prices rose 0.2% in September, mainly due to a sharp increase in used car prices. Inflation still remains below the Fed's target of 2.0%, which helps rates remain low. |
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Producer prices also rose in September. The increase was more than expected amid a surge in costs for traveler accommodation services. It was the 1st year-on-year gain since March. |
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Jobless claims unexpectedly increased last week, coming in at 898,000. The increase could heighten fears that the pandemic is inflicting lasting damage to the labor market. |
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Record high lumber prices are driving up new home prices. Recent spikes in lumber have added more than $16,000 to the typical cost of a new single-family home. |
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The pandemic is reversing a long-standing preference by renters for urban locations. Instead, rentals are surging in suburban markets, where renters with no commute can afford larger spaces. |
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Rising home prices translate into higher down payment requirements, making purchases harder on first-time buyers. The median home price is now $350,000, up from $312,000 a year ago. |
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