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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.

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