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For the Week Ending February 23, 2018

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

Minutes from the Fed's last FOMC meeting point to more policy rate hikes ahead. Officials have seen an increase in economic growth and an uptick in inflation.
The Fed doesn't control mortgage rates, yet rates are influenced by the Fed's actions. As the Fed raises policy rates this year, mortgage rates will likely follow.
Jobless claims hit a near 45-year low last week, pointing to strong job growth in February. A strong labor market supports the growing economy.
Existing home sales fell unexpectedly in January, possibly due to tight inventory and rising mortgage rates. Home supply has declined for 32 straight months.
New housing starts were up though, to a 1-yr high of 1.326 million in January. Building permits soared to their highest level since 2007.
While builders are busy creating new homes, condos are lacking. Condos are 7% of the multifamily market (down from an average of 22% from 1985-2003).

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.

Get the most important economic & housing news you need – simple and fast.



For the Week Ending September 15, 2017

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

Stocks soared to new record highs this week, in part because estimated financial losses from Hurricane Irma dropped from $200 billion down to $50 billion or less.
Higher gas prices and rent increases helped consumer prices jump in August, pointing to firming inflation. The Consumer Price Index rose 0.4% over July.
Low inflation, despite a strong labor market, is seen as causing the Fed to delay raising policy rates for a third time this year. It also supports low mortgage rates.
Mortgage applications jumped this week, as buyers took advantage of low rates. Refinance applications were up 9%, and purchase applications were up 11%.
CoreLogic reports that June mortgage delinquencies were the lowest in nearly a decade. Only 4.5% of outstanding mortgages were in some stage of delinquency.
Fannie Mae's latest survey shows a record number of consumers who say now is a good time to sell a home. Over 36% agreed, up 8% from July's survey.

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.

 

Get the most important economic & housing news you need – simple and fast.

For the Week Ending August 25, 2017

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

Central bankers from around the world are meeting this week for the Jackson Hole Symposium. Markets will be looking for signs of imminent policy changes.
Very little economic news this week along with low trading volume has left markets quiet. This environment has helped to keep mortgage rates stable.
Despite labor market strength, low inflation remains a concern. Speculation is the Fed cannot raise rates again this year unless inflation rises to around 2%.
New home sales were unexpectedly lower for July, down 9.4% from June. July's sales were a 7-month low and caused some concerns about the housing market.
However, before anyone panics, it should be noted that May and June numbers were revised higher. Median new home prices were up 6.3% over last year.
Inventory of new homes rose 1.5% last month, the highest level since June 2009. Even still, a shortage of new and existing home inventory remains an issue.

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.

 

Get the most important economic & housing news you need – simple and fast.

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