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Markets in a Minute – 6/20/2014

For the Week Ending June 20, 2014
Please enjoy this quick update on what’s happening this week in the housing and financial markets. Contact my team if you have any questions about this update or about how to get started on your free pre-approval for a home mortgage. 

-Michael


Stocks touch on record highs as the latest Fed statement suggests an improving economy. Thursday’s jobless claims number agreed with the Fed.
The Fed also continues scaling back its purchase of bonds and mortgage securities. There is still no rate hike imminent.
Geo-political circumstance, whether in Europe or Iraq, continues to fuel bond buying. That helps keep rates stable.

The Spring selling season saw challenges in rates and inventory, yet values and overall activity are still much improved over a short time ago.
Building permits and starts fell in May. Despite fewer starts, completions are rising and providing some overall balance to the new home market.
While permits for new construction were down, the single family home component rose. This means fewer apartments and more homes for buyers.

What’s the problem with banker jokes? Bankers don’t think they’re funny, and normal people don’t think they’re jokes.

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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