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Markets in a Minute

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.

Markets in a Minute | July 7, 2017

For the Week Ending July 7, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.

 

The minutes from June’s FOMC meeting showed the Fed is open to at least one more rate increase this year, and balance-sheet adjustment will start soon.
The minutes also shared that the European Central Bank may reduce economic stimulus soon. The news is bad for mortgage rates here in the U.S.
As the labor market nears full employment, it’s showing signs of cooling. Private employers hired fewer workers than expected in June, and jobless claims were up.
A report from CoreLogic shows home prices were up 6.6% year-over-year in May. They forecast another 5.3% increase from May 2017 to May 2018.
Due to tight inventory and improved technology, 33% of 3,350 homebuyers in 11 metropolitan areas recently surveyed had made an offer sight-unseen.
In some big cities, particularly along the coasts, land is at a premium. Teardowns accounted for 10.2% of all new home construction in 2016, up from 7.7% in 2015.

 

Real Estate Math: A real estate agent has 2 property listings. Now add 11 more. What does the agent have now?

Happiness. 😉

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.