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New Home Sales Surge
New home sales surge in September
|For the Week Ending October 27, 2017|
Please enjoy this quick update on what happened this week
in the housing and financial markets.
|Stocks continue to hit new highs, driven by optimism over new tax regulations and a spurred economy. The rally is putting pressure on rates to move higher.|
|The European Central Bank is extending their economic stimulus into 2018 but will reduce the amounts. Overall the news was positive for bonds and rates.|
|The Fed will meet next week for their FOMC meeting. It's not likely they will raise policy rates next week, but they are expected to do so at the December meeting.|
|New home sales surged 18.9% in September to the highest level in 10 years. This was a nice recovery after unexpectedly falling 3.4% in August.|
|Pending home sales were flat in September though, as demand continued to exceed supply. There are some concerns that winter will further reduce inventory.|
|Mortgage applications for home purchases were down last week. Economists say rates likely had less to do with the drop than the shortage of homes for sale.|
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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.
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With a growing economy, predictions for 2018 include increased sales for the housing market. For the Week Ending December 15, 2017 Please enjoy this