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Markets in a Minute

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.

Markets in a Minute | August 25, 2017

For the Week Ending August 25, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Central bankers from around the world are meeting this week for the Jackson Hole Symposium. Markets will be looking for signs of imminent policy changes.
Very little economic news this week along with low trading volume has left markets quiet. This environment has helped to keep mortgage rates stable.
Despite labor market strength, low inflation remains a concern. Speculation is the Fed cannot raise rates again this year unless inflation rises to around 2%.

 

New home sales were unexpectedly lower for July, down 9.4% from June. July’s sales were a 7-month low and caused some concerns about the housing market.
However, before anyone panics, it should be noted that May and June numbers were revised higher. Median new home prices were up 6.3% over last year.
Inventory of new homes rose 1.5% last month, the highest level since June 2009. Even still, a shortage of new and existing home inventory remains an issue.

 

Heard at the end of a recent flight:
“Please be sure to take all of your belongings. If you do leave anything, please be sure it’s something we’d like to have.”

 

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.