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Markets in a Minute

Markets in a Minute | September 8, 2017

For the Week Ending September 8, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Traders sought the safety of bonds this week after concerns rose over North Korea’s nuclear ability. The bond rally helped keep mortgage rates low.
Hurricane Harvey has caused jobless claims this week to rise to a 2-year high. The weekly increase of 62,000 was the largest since November 2012.
Fed officials have come out this week saying that lack of inflation is a problem. Without inflation, it is unlikely that the Fed will raise policy rates again this year.

 

After a brief improvement in June, pending home sales fell slightly in July. Sales aren’t expected to improve much without an increase in inventory.
Hurricane Harvey is expected to cause rents in Houston to increase as much as 10%. Home prices are also expected to jump due to even lower inventory.
NAR is urging Congress to continue the National Flood Insurance Program, set to expire Sept. 30. Without it, 40k home sales per month could be disrupted.

 

I hope the guy who invented autocorrect burns in hello!

 

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 1, 2017

For the Week Ending September 1, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The GDP grew by 3.0% in the 2nd quarter, higher than estimates of 2.7%. The improving economy could support a Fed rate hike later in the year.
Despite the GDP growth, a strong labor market and rising home prices, inflation continues to stagnate. This lack of inflation could help keep mortgage rates low.
Consumers are showing the 2nd-highest level of confidence in the economy since 2000, according to survey responses through August 16th.

 

Existing home sales unexpectedly fell in July, hitting their lowest monthly level of the year. However, home sales were still up 2.1% from the previous year.
Lack of properties for sale is blamed for the low numbers. Inventory is now down 9.0%, declining for the 26th consecutive month on a year-over-year basis.
Strong demand coupled with tight inventory continues to drive up home prices though. The median house price was $258,300, a 6.2% increase year-over-year.

 

I can’t believe that the highway department called my son a thief. But when I got home, all the signs were there.

 

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.