|Please enjoy this quick update on what happened this week in the housing and financial markets.|
- Continued progress in trade talks with China is helping stocks rally to record highs and driving bond yields higher. Increased bond yields are pressuring mortgage rates higher.
- U.S. service companies grew at a faster pace in Oct after sinking to a 3-yr low in Sept. Measures of sales, new orders and employment all rebounded from the previous month.
- Jobless claims fell more than expected last week. Along with last week's payroll gains, this shows consistent strong labor market conditions and continued job growth.
- Construction job openings increased in Sept on a year-over-year basis. The estimated number of job openings was 338,000.
- CoreLogic's House Price Index for Sept showed house prices continue to go up, rising 3.5% year-over-year. Prices were 0.4% higher in Sept than in August.
- Down payment assistance on FHA loans increased from 30% in 2011 to 40% in 2018. Also, a new study debunks the myth that down payment assistance buyers are more likely to default.