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Markets in a Minute

Markets in a Minute | July 21, 2017

For the Week Ending July 21, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Jobless claims hit a near 5-month low this week, supporting economic growth. Sustained labor market strength could contribute to higher rates.
The failure to pass a new health care reform bill has traders questioning possible tax cuts and infrastructure spending, and is supportive of lower mortgage rates.
Recent economic data has cast doubt on whether the Fed will raise policy rates again this year. Lack of inflation is supportive of lower mortgage rates.

 

Home builder sentiment was down slightly in July due to increased cost of materials, but the overall outlook is still considered positive.
June housing starts were much higher than expected, rebounding from 3 months of decline. May’s numbers were also revised higher by 0.03 million units.
Building permits shot up 7.4% in June, the highest level since March, signaling more new home building to come. Building completions surged 5.2% as well.

 

Never criticize someone until you have walked a mile in their shoes. That way, when you criticize them, you’ll be a mile away and you’ll have their shoes.

 

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.

Markets in a Minute | July 14, 2017

 

For the Week Ending July 14, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.

 

Job growth surged to 222,000 in June, and jobless claims were also down this week. Strong employment keeps the Fed on track to raise rates again this year.
The producer price index, a key gauge of inflation, was up 0.1% last month. Fed officials are closely watching inflation, which pressures mortgage rates higher.
In testimony to Congress this week, Fed Chair Janet Yellen shared that the Fed will gradually raise policy rates and reduce balance sheet holdings this year.
Home office remodels, master bedroom upgrades, and sunrooms recently topped the list of renovations that may not add value to a home when selling.
Mortgage applications for home purchases were down 3% last week, but remained 3% higher than a year ago. FHA applications were up 2.7% since 2016.
CoreLogic reports that the number of mortgages in some stage of delinquency continues to drop. April 2017 was 4.8%, versus 5.3% in April of 2016.

 

Last week I listed a maintenance free house. In the last 25 years, there hasn’t been any maintenance.
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.