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30 YEAR FIXED MORTGAGE RATES
 

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

 

 

Continued progress in trade talks with China is helping stocks rally to record highs and driving bond yields higher. Increased bond yields are pressuring mortgage rates higher.

 

U.S. service companies grew at a faster pace in Oct after sinking to a 3-yr low in Sept. Measures of sales, new orders and employment all rebounded from the previous month.

 

Jobless claims fell more than expected last week. Along with last week's payroll gains, this shows consistent strong labor market conditions and continued job growth. 
   

 

Construction job openings increased in Sept on a year-over-year basis. The estimated number of job openings was 338,000.

 

CoreLogic's House Price Index for Sept showed house prices continue to go up, rising 3.5% year-over-year. Prices were 0.4% higher in Sept than in August.

 

Down payment assistance on FHA loans increased from 30% in 2011 to 40% in 2018. Also, a new study debunks the myth that down payment assistance buyers are more likely to default.

 


For the Week Ending November 1, 2019

 

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

 

The Fed cut policy rates by 0.250% this week, the 3rd cut in as many meetings. A Fed rate cut doesn't directly impact mortgage rates, other than HELOCs.
Weekly jobless claims rose more than expected last week. The numbers still support a solid labor market.
Consumer spending increased marginally in September, while wages were unchanged. Inflation was also muted, helping to keep mortgage rates low.

 

Home prices rose 3.2% in August, up from the 3.1% gain in July, according to Case-Shiller. Prices in the nation's 10 major cities rose 1.5%.
Pending home sales rose 1.5% in September over August, the second straight month of gains. Sales were 3.9% higher than in September 2018.
Homeownership rates rose in the 3rd quarter to 64.8%, up 0.7% from the 2nd quarter. The uptick is attributed to 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.

 


For the Week Ending October 25, 2019

 

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

September's factory orders for big-ticket manufactured goods tumbled by the largest amount in 4 months, indicating continuing struggles in the industry.
Stocks improved this week as corporate earnings results helped investors shrug off signs that global growth is losing momentum.
Despite an overall slowing economy, jobless claims fell last week. A strong labor market boosts consumer confidence and the economy.
The FHFA reports home prices rose 0.2% in August from July and were up 4.6% year-over-year. 
New home sales fell 0.7% in September, as low inventories continue to weigh on sales. The median new home price is $299,400, an 8.8% drop from a year ago.
The latest housing trend is backyard "accessory dwelling units," small second homes used for rentals or additional guest living space.

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 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.

 


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