Mortgage News

The Markets in a Minute - November 4

November 4th, 2016

For the Week Ending November 4, 2016
 

 

The Fed voted not to raise policy rates at this week's meeting, but did signal that they may raise rates at December's meeting if economic improvement continues.
 
Jobless claims were up slightly, but layoffs were at a 5-month low. A strong non-farm payroll report could fuel speculation that the Fed will raise rates in December.
 
Consumer spending is up and factory orders rose for the 3rd straight month. As the economy heats up, inflation could become an issue and bring higher rates.
 

Although construction spending was down slightly in September, most of the drop was nonresidential. Spending on residential construction was up 0.5% for the month.
 
Mortgage purchase applications were down slightly from the previous week, but were up 9% compared to the same week in 2015.
 
First-time buyers represent 35% of homebuyers overall, according to a recent NAR survey. That's the highest percentage since 2013 (38%).

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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