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Markets in a Minute

Markets in a Minute | September 22, 2017

For the Week Ending September 22, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The Fed announced they will not raise policy rates this month. However, they did signal a rate hike in December is likely, as well as 3 more hikes in 2018.
In October, the Fed will also begin reducing their balance sheet by buying fewer bonds. This could adversely affect mortgage rates over time.
The Fed sees near-term risks to the economy as “roughly balanced.” Low unemployment and economic expansion are good, but lack of inflation is a concern.

 

Home builders are slightly less optimistic about the housing market this month. The recent hurricanes are causing worries over labor and materials.
Housing starts were down slightly for the second straight month in August. However, single-family home construction was up 1.6% from July.
Existing home sales declined to a 1-year low in August, as inventory continues to be a problem. Areas lacking activity due to recent hurricanes are also to blame.

 

To this day, the guy that used to bully me at school still takes my lunch money. On the plus side, he makes a great sub sandwich.

 

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 | September 15, 2017

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.

 

Our computers went down at work today, so we had to do everything manually.

It took me 20 minutes to shuffle the cards for Solitaire.

 

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.