Mortgage News

The Markets in a Minute - October 14

October 14th, 2016

For the Week Ending October 14, 2016
 

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

 

 

Minutes from last month's FOMC meeting showed several members in favor of raising policy rates, making a rate hike before the end of the year more likely.
 
Supporting the Fed's view of an improving economy, jobless claims once again hit a new low this week. Labor market strength could push the Fed to raise rates.
 
The Fed also looks at inflation when deciding if and when to raise policy rates. Inflation has been increasing, also supportive of a rate increase before year's end.
 

Builders and remodelers have added 146,000 new jobs in the last 12 months. Demand for new housing has led to a resurgence in construction employment.
 
CoreLogic reports that foreclosure inventory has decreased 29.6% since August 2015. That's 0.9% of all homes with a mortgage, the lowest rate since July 2007.
 
Although homeownership rates have been declining, Freddie Mac was optimistic about a turnaround that could be fueled by millennials and non-white groups.

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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