Markets In A Minute for week ending Nov 9, 2018: Mortgage Rates hit a 7 year high
This week on The Markets In a Minute: Mortgage Rates hit a 7 year high but not because of midterm elections
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- The Fed didn’t raise policy rates at this month’s FOMC meeting but is expected to raise rates in December. Bonds sell off and interest rates hit a 7 year high.
- The midterm election results are not expected to slow economic growth. As a result, the outcome did not adversely affect stock and bond markets either.
- Manufacturing activity slipped for a second month in September yet still pointed to growth. Construction spending was up slightly at 0.1%.
- Year-over-year purchase applications have held steady despite rising rates, falling 0.2% last week.
- Last month, consumer housing sentiment fell to its lowest level in a year. Fewer consumers expect home prices to rise or mortgage rates to fall.
- A recent study shows Gen Z is eager to get an early start on homeownership. They’re twice as likely as previous generations to start saving for a home by age 25.
Have you ever noticed that the first five days after the weekend are the hardest?
| 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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