Please enjoy this quick update on what happened this week in the housing and financial markets.
Recently released data shows U.S. manufacturing is up, with increased orders and production. Signaling economic improvement, this could pressure rates.
The labor market shows no signs of slowing down as jobless claims were at a near 43-year low. Strong employment could also contribute to higher rates.
Concerns Europe might taper economic stimulus are having global effects. The news pressures bonds both here and overseas, which could affect interest rates.
New homes are getting larger, as homes with 5,000+ sq ft make up more of builders’ inventory. The share of homes this size has hit a post-recession peak.
CoreLogic forecasts housing prices will rise 5.3% by next August. The increase would see home prices hit a new peak level in 2017.
Demand continues to outstrip supply for homes. Total inventory fell 6% year-over-year in July, the 16th consecutive monthly decline.
A comment heard from one man to another…
“As a man, I honor Christopher Columbus every day of the year by refusing to ask for directions.”
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. OnQ101416068i0000002COEb