More Purchase Applications This Week

The markets In a minute

Markets In A Minute for week ending September 14, 2018: More Purchase applications

Markets In A Minute
This week on The Markets In a Minute: Purchase applications are up, Feds meet soon, faster home sales

Prefer video? Find out what happened in the markets here:The Markets In A Minute

The Economy

  • Trade tensions with China continue to help keep mortgage rates low. Although more talks are expected, new tariffs could be imposed any time.
  • Overseas central banks kept rates unchanged this week. Since many overseas investors buy U.S. Treasuries and bonds, this helps keep rates low.
  • The Fed meets next week for their Federal Open Market Committee meeting. They are expected to raise policy rates, but mortgage rates should be unaffected.

Housing news by Laura Borja

  • Homes for sale are not lingering on the market for long. Properties typically sold in 27 days, shorter than the 30-day median from a year ago.
  • Although mortgage rates have moved up a bit, mortgage purchase applications were actually up 1% over the previous week and were up 4% over last year.
  • Younger Americans are waiting longer to get married, according to CNBC. However, marrying later means they could have more money for home buying.

The Last Laugh

Police have arrested the World Tongue-Twister Champion. I imagine he’ll be given a tough sentence.

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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