|For the Week Ending November 17, 2017|
In what has seemed like forever that elected officials have talked about revamping the outdated and often considered absurd tax code, change may finally be coming. On Thursday House Republicans passed their version
Housing Market Index:
Home builders are reporting that they are seeing an increase in activity. In fact, builders are saying that this is the best market since March. Current and future sales are coming in at a very strong level of 77.
Mortgage Rates and Applications:
Purchase applications rose 0.4 percent for the week ending November 10th. Refinance applications, despite mortgage rates remaining relatively flat, rose 6.0 percent for the week. What is exciting in the latest report
On the wholesale level, pressure for price increases showed signs of life for the month of October. The Producer Price Index rose by a larger than expected 0.4 percent. Even when you remove volatile food and energy
On the retail end, unfortunately the story was not the same. Consumer prices for October were up slightly by 0.1 percent. The year-on-year rate was actually down by 2 tenths of a percent. The core rate of inflation
Next week’s potential market moving reports are:
• Monday November 20th – Leading Indicators
As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can.
Please enjoy this quick update on what happened this week in the housing and financial markets.
|The Producer Price Index, which measures wholesale inflation, rose 0.4% in October. Core PPI was also up, supporting a Fed rate increase next month.|
|Retail sales were also improved in October, coming in stronger than expected. The increase of 0.2% signals a growing economy and could pressure rates.|
|Tax reform continues to make progress in both chambers of Congress. Once passed, the reform is expected to spur further economic growth.|
|Home builder confidence hit an 8-month high in November, despite increased costs and labor shortages. Buyer demand remains high on reduced inventory.|
|National mortgage delinquency rates continue to fall, down 0.6% year-over-year in August. Foreclosure inventory was also down 0.3% year-over-year.|
|The House passed legislation to extend the National Flood Insurance Program for 5 years. However, the Senate still must approve the bill for it to take effect.|
I had a job tying sausages together, but I couldn’t make ends meet.
Please note: We will not publish The Markets in a Minute next week. Wishing you a wonderful Thanksgiving Day!
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
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