Markets In A Minute for week ending Nov 2, 2018: Homeownership rates are up.
- Consumer spending rose for a 7th straight month in September, but personal income recorded its smallest gain in more than a year on moderate wage growth.
- Companies continued to hire at a brisk pace in October. Private payrolls rose by a better-than-expected 227,000, according to ADP and Moody’s Analytics.
- Despite a strong labor market and increasing inflation, the Fed is not expected to raise policy rates at next week’s meeting. A December rate hike is likely though.
- According to Case-Shiller, home price gains tempered to a 5.8% yearly increase in August. This is slightly lower than prior readings yet still a healthy rate.
- Mortgage application volume fell 2.5% last week compared to the previous week. Refinance applications were down 4% last week after previously improving.
- Despite low inventory, the national homeownership rate was 64.4% in the third quarter. That’s a half-percentage point higher than it was a year ago.
What do two mortgage companies offering different rates have? A conflict of interest
|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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