Rates were stable, stocks not so much

Markets In a Minute Update

Markets In A Minute for week ending Oct 26, 2018:Rates were stable, stocks not so much?

Markets In A Minute
This week on The Markets In a Minute: Rates were stable, stocks were crazy and more.
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Economic Market Update

The Economy

  • This week’s stock rout drove some traders to seek safety in bonds, causing mortgage bonds to perform well and as a result rates were stable.
  • Orders to U.S. factories for big-ticket manufactured goods slowed in September. However, they were still up 0.8% from August, pointing to economic growth.
  • Although new applications for unemployment aid rose last week, the number of people receiving benefits fell to a 45-year low, signaling labor market tightening.

Housing news by Laura Borja

  • New home sales dropped 5.5% to a near 2-year low in September. However, numbers were likely affected by Hurricane Florence and could be skewed.
  • September’s pending home sales were slightly lower than a year ago but were up 0.5% over August. Affordability continues to weigh on buyers.
  • Mortgage applications rose 4.9% from the previous week. Purchase apps rose 2% for the week and were basically flat compared to a year ago.

The Last Laugh

I’m trying to date a philosophy professor, but she doesn’t even know if I exist or not.

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.

Wondering how changing interest rates and home prices might affect your budget?

Find out with this interactive calculator:   https://mtg.expert/rtpricecalc

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