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Markets in a Minute | December 9, 2016

For the Week Ending December 9, 2016
 

Please enjoy this quick update on what happened this week in the housing and financial markets.

Stock markets continue to hit new highs on expectations that the Trump administration will bring economic growth, which has contributed to rate volatility.
The ECB has decided to extend overseas bond purchases, but at a lesser amount starting in April. The ECB stimulus is supportive of lower mortgage rates.
The Fed meets next week and is 100% expected to raise policy rates. Markets will look for guidance on future action, and reactions could cause more rate volatility.

Politics even trickle into the housing market. After the election, surveys showed Republicans’ housing market expectations improved, while Democrats’ reversed.
Rising mortgage rates have not dampened demand for housing. Inventory continues to be a concern though, especially for first-time buyers.
Trump has chosen Ben Carson to head up HUD. Opinions vary about the choice, mainly due to Carson’s lack of experience in government or housing.

I became a Realtor® after quitting my job making origami. I wanted a job with less paperwork.

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 | December 2, 2016

For the Week Ending December 2, 2016
 

Please enjoy this quick update on what happened this week in the housing and financial markets.

Globally bonds suffered their worst monthly meltdown in November, driving up yields. The sell-off in bonds carried over to push mortgage rates higher.
Oil prices have rallied to a 6-week high after OPEC agreed on a deal to cut production. Increased oil prices can spark inflation, which is bad for rates.
Although jobless claims were slightly higher than expected this week, layoffs were low. Overall the economy is showing signs of heating up moving into 2017.

On average, home prices nationally increased 5.5% from the previous month. Prices now stand at an all-time high.
Regardless of increasing prices, pending home sales continued to rise in October. Demand remains strong and inventory remains tight across much of the nation.
Construction spending in October increased to a 7-month high, driven by the residential sector. Overall, combined spending was up 3.4% over the previous year.

When I got to work this morning, my boss stormed up to me and said, “You missed work yesterday, didn’t you?”

I said, “No, not particularly.”

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.