How were US mortgage rates affected this week?

The markets In a minute

Markets In A Minute for August 17, 2018: US mortgage rates affected by Turkish economy. What are homebuilders worried about?

Markets In A Minute

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The Economy

  • Instability in the Turkish economy has concerned investors in markets globally. A flight to safety in U.S. bonds has helped US mortgage rates this week.
  • Bolstered by a strong economy, small business confidence is at a 35-year high. Owners are reporting difficulty in filling positions, a sign of the strong labor market.
  • Jobless claims fell for a 2nd straight week last week. The data suggests there is no impact yet on the labor market from ongoing trade tensions.

Housing news by Laura Borja

  • New home construction was less than forecast in July, but still increased 0.9%. Permits for future construction were up 1.5% over the previous month.
  • Homebuilder sentiment fell to the lowest point in almost a year as affordability becomes a bigger worry. However, demand remains strong as rates remain low.
  • Home searches are stretching on longer as buyers look for the perfect space. Buyers say they are not finding the features they want or a price they can afford.

The Last Laugh

Don’t be sad if a bird poops on your head. Instead, be happy that dogs can’t fly.

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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