The Markets In A Minute

Please enjoy this quick update on what happened this week in the housing and financial markets. The number of economists predicting a Fed policy rate increase in December continues to rise. Markets are starting to prepare now, contributing to higher rates. Although jobless claims recorded their largest increase in 8 months, they remain below 300,000. The overall sentiment is a healthy labor market, bad for rates. Increased manufacturing productivity reported for the 3rd quarter signals economic improvement. A strong economy increases the likelihood of higher rates. At 9.3% of the market, distressed sales (including REO and short sales) continue to drop. If current trends continue, they will reach 2% of the market by mid-2018. Home prices nationwide rose by 6.4% in September. CoreLogic's HPI forecast projects home prices will rise 4.7% year-over-year from Sept. 2015 to Sept. 2016. Construction spending for single-family homes rose 1.3% in September. Private residential construction spending rose to the highest level since January 2008. A parent got a call from a freshman college student about a week after dropping them off. The student was out of clean clothes and doing laundry for the first time and asked, "What setting do I use on the washing machine?" "It depends," said the parent. "What does it say on your shirt?" The student replied, "University of Colorado!"     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.

Sincerely,

Rodney Long
Mortgage Investors Group
Loan Officer Assistant
NMLS #411959; TN Lic #126825; GA Lic #47508
(423) 899-2887 x 303
rodney.long@migonline.com
www.migonline.com/rodney.long

Company NMLS Unique Identifier # 34391 • TN License # 109111 

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-370-1999
Office: 423-473-9545 x217

Download My Mobile APP Here! 

KM4HDV
 

Need to send me private email? I use Virtru.