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Sep 29 2017 20573 1
Please enjoy this quick update on what happened this week in the housing and financial markets.
|President Trump released his plan for tax reform this week, which is expected to stimulate economic growth. A hotter economy could contribute to higher rates.|
|Consumer confidence fell slightly in September, despite a strong labor market. The decline is likely temporary and due mainly to Hurricanes Harvey and Irma.|
|The economy grew a bit faster than previously estimated in the 2nd quarter, with a GDP of 3.1%. Consumer spending was also strong for the 2nd quarter.|
|Home prices are still on the rise, with Case-Shiller reporting increases of 5.9% in July. Strong demand and tight inventory continue to drive up prices.|
|New home sales were at an 8-month low in August. Part of the blame can be placed on weather, which held back completion of homes under construction.|
|Pending home sales were down slightly in August, 2.6% less than July, largely due to low inventory. Demand continues to overwhelm supply in most markets.|
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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You’ve imagined a house with a big backyard. You’ve dreamed of a two-car garage. You may have pictured the house you’d buy one day, but how do you make that dream a reality? With a mortgage!