|For the Week Ending November 1, 2019|
Please enjoy this quick update on what happened this week in the housing and financial markets.
- The Fed cut policy rates by 0.250% this week, the 3rd cut in as many meetings. A Fed rate cut doesn't directly impact mortgage rates, other than HELOCs.
- Weekly jobless claims rose more than expected last week. The numbers still support a solid labor market.
- Consumer spending increased marginally in September, while wages were unchanged. Inflation was also muted, helping to keep mortgage rates low.
- Home prices rose 3.2% in August, up from the 3.1% gain in July, according to Case-Shiller. Prices in the nation's 10 major cities rose 1.5%.
- Pending home sales rose 1.5% in September over August, the second straight month of gains. Sales were 3.9% higher than in September 2018.
- Homeownership rates rose in the 3rd quarter to 64.8%, up 0.7% from the 2nd quarter. The uptick is attributed to low mortgage rates.
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.