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Markets in a Minute – 10/17/2014

For the Week Ending October 17, 2014
Please enjoy this quick update on what’s happening this week in the housing and financial markets.

If you haven’t yet seen my most recent Loan Mechanics: The Inner Workings of a Mortgage post about LTV, check it out here after you’re done reading the Markets in a Minute below.

Concerns about global financial markets are the likely cause of major movement in stock and bond markets. Rates initially responded by dropping to the year’s low for a couple hours earlier this week.
Retail sales fell in September after a strong August. Weak wage growth is one reason consumers report spending less. These factors could support low rates.
The Fed’s summary of economic conditions showed concern for weak inflation and the impact of the world economy on US recovery. Some pundits believe the Fed could change bond buying policy and delay rate changes if trends continue.

The impact of lower rates is already being felt in the refinance market. It’s too soon to see the expected growth in mortgage applications for purchases.
Fannie Mae expects immigrants to account for about a third of new households and slightly more of new homeowners from 2010 to 2020.
An NAHB study shows current home building preferences. Vinyl siding, multi-level homes and porches are among the most prevalent features nationally.

A man called his son. “I have news to tell you. I know it’s going to upset you, but I have made up my mind. I have decided to divorce your mother.”

“But, Dad, how can that be?” the son asked. “You have been married for 40 years, and you always seemed to get along? What happened?”

“Son, my mind is set. I don’t want you to try to talk me out of it,” his dad said.

“OK,” the son responded, “But promise me you won’t do anything until I come and talk to you in person. I’m going to ask all of the siblings to fly in also.”

“All right,” said the father as he hung up. “You have my word.”

“Well,” said the man, turning to his wife. “I got them all to come in, and I didn’t even have to pay for the tickets.”

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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