Mortgage rates trended downward last week and touched some of the lowest levels in the past 12 months. The consumer price index showed the smallest increase since May. Mortgage application submissions dropped slightly. Jobless claims rose to a seven-week high. Retail sales increased for the fifth month in a row. The consumer sentiment index rose as well.
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The consumer price index rose 0.2% in September, as expected. The small increase marked the slowest pace of consumer inflation in four months. The majority of price inflation in September was attributed to the cost of used cars, which jumped 6.7% – the biggest increase in 51 years.
For the week ending 10/9, mortgage application submissions saw a composite decrease of 0.7%. Though new purchase application submissions dropped 2% week-over-week, they were still up 24% year-over-year. Refinance application submissions slipped 0.3% from their 8% gain the week ending 10/2.
For the week ending 10/10, initial jobless claims rose by 53,000 to reach a new seven-week, seasonally adjusted high of 898,000. Continuing jobless claims, however, declined by nearly 1.2 million, to reach a seasonally adjusted level of approximately 10 million.
In September, retail sales climbed for the fifth month in a row. Though economists had predicted an increase of 1.2%, sales jumped 1.9% – much higher than August’s 0.6% increase.
The consumer sentiment index rose again in October, reaching the highest level since March. Though the level was predicted to drop, it rose to 81.2.
This week's important economic reports include:
NAHB housing market index MBA applications
Housing starts and building permits
Existing home sales
WEEK OF OCTOBER 19, 2020
Danny Caro NMLS# 1120188 | Branch NMLS No. 1793450 Branch Manager | CMG Financial Mobile:
6006 North Mesa Street | El Paso, TX 79912
Author:Mark Meeks Phone: 915-474-2402 Dated: October 19th 2020 Views: 173 About Mark: I have been active in the El Paso Real Estate market since 2003. It is my main goal to help my clien...
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