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Markets in a Minute | February 2, 2018

 

 

 

The Fed didn’t raise policy rates at this week’s FOMC meeting, though their announcement pointed to a likely increase when they meet in March.
Consumer spending increased in December, a reflection of the strong labor market. However, the 2.4% national savings rate was the lowest since 2005.
The Fed believes that inflation could reach their 2% target this year. Supported by a growing economy, inflation pushes rates (including mortgage rates) higher.

 

National home prices continued their run higher in November, rising 6.2% annually. Home prices are rising more than three times faster than the rate of inflation.
Despite tight inventory, pending home sales were up 0.5% in December over November. The supply of homes for sale is at its lowest level since 1999.
Construction spending increased more than expected in December. Private residential projects rose to their highest level since March 2007.

 

What did the left eye say to the right eye?
Between you and me, something smells.

 

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.