Mortgage News

The Markets in a Minute - September 9

September 9th, 2016

For the Week Ending September 9, 2016
 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Weak manufacturing reports pushed odds of a September Fed rate hike to a 3-week low. Previously, economists had put the probability of a hike near 55%. 
 
Although a September hike is no longer considered likely, polls say the Fed may act in December. Expect the Fed to monitor economic data to make a decision.
 
The labor market remains strong, with jobless claims decreasing to the lowest level since July. A strong labor market is supportive of a possible Fed rate hike. 
 

Increasing for the 3rd consecutive month, 34% of consumers polled say it is a good time to buy a home. However, only 15% said it was a good time to sell.
 
The strong labor market has home buyers feeling more secure than ever. More than 73% of those polled were not concerned with the possibility of losing their job.
 
The trend in new home construction is for more bedrooms. Homes with 3 or fewer bedrooms have decreased, while homes with 4 or 5 bedrooms have increased.

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.

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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