Blog
Greenway's Markets in a Minute | Buyers are taking advantage of low rates
Sep 15
1:41
PM
Category | Markets in a Minute
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| For the Week Ending September 15, 2017 |
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Please enjoy this quick update on what happened this week in the housing and financial markets. |
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Stocks soared to new record highs this week, in part because estimated financial losses from Hurricane Irma dropped from $200 billion down to $50 billion or less. |
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Higher gas prices and rent increases helped consumer prices jump in August, pointing to firming inflation. The Consumer Price Index rose 0.4% over July. |
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Low inflation, despite a strong labor market, is seen as causing the Fed to delay raising policy rates for a third time this year. It also supports low mortgage rates. |
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Mortgage applications jumped this week, as buyers took advantage of low rates. Refinance applications were up 9%, and purchase applications were up 11%. |
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CoreLogic reports that June mortgage delinquencies were the lowest in nearly a decade. Only 4.5% of outstanding mortgages were in some stage of delinquency. |
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Fannie Mae's latest survey shows a record number of consumers who say now is a good time to sell a home. Over 36% agreed, up 8% from July's survey. |
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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. |
