Please enjoy this quick update on what happened this week in the housing and financial markets
- Trade talks with China continue, as the two sides try to reach a 'phase one' deal. A signed deal could pressure mortgage rates slightly higher, as it is expected to improve the economy.
- October's consumer prices saw their largest gain since March. Underlying inflation picked up slightly, supporting the Fed's stance of holding off on more rate cuts in the near term.
- Producer prices rose by the most in 6 months in October, due to gains in the costs of goods and services. Rising inflation follows fairly upbeat economic data, including strong job growth in October.
- According to NAHB's Housing Trends Report, 12% of adults are considering a home purchase within the next 12 months. Roughly 60% of these will be first time buyers.
- NAR recently approved MLS Statement 8.0 or the Clear Cooperation policy. Listing brokers are now required to submit listings to the MLS within 1 business day of marketing to the public.
- Despite a rise in unconventional mortgage lending, economists do not believe we're headed for a mortgage meltdown. These loan types represented less than 3% of all loans made in 2018.
