Monday Movement Monday

Monday Movement Monday

Mortgage rates trended slightly upward last week, but still remain in a historically low range. The home builders’ sentiment index reached a record high for the third month in a row. Housing starts and building permits increased. Mortgage application submissions for new purchases dropped slightly, while refinance submissions rose. Jobless claims declined. Existing home sales increased for the fourth consecutive month.

MORTGAGE RATES CURRENTLY TRENDING

THIS WEEK'S POTENTIAL VOLATILITY

  • Redfin CEO expects “absolutely insane” housing demand to last into 2021. Watch Now >>

  • FHA and FHFA extend forbearance policies. Read Now >>

  • Fannie Mae and Freddie Mac discuss the controversial refinance fee. Read Now >>

  • The National Association of Home Builders’ (NAHB) housing market sentiment index reported a month-over-month increase of two points, reaching 85 in October.

  • In September, housing starts climbed at a seasonally adjusted rate of 1.42 million. Month-over-month housing starts rose 1.9%, while year-over-year they increased by 11%. Building permits climbed as well, reaching a seasonally adjusted rate of 1.55 million. This marked a 5% increase from the number of building permits in August, and an 8% rise from last year. Single-family housing starts were up 22% from last year, while multifamily starts were down 17%.

  • For the week ending 10/16, mortgage application submissions had a composite decrease of 0.6%. New purchase submissions dropped 2.0 % for the second week in a row, but refinance submissions increased by 0.2%.

  • For the week ending 10/17, initial jobless claims dropped to the lowest levels since the coronavirus pandemic began. For the first time since March, initial jobless claims dropped below 800,000 – hitting 787,000. For the week ending 10/10, continuing jobless claims sank to 8.37 million – a 1.02 million drop from the week before.

  • Existing home sales surged in September, with a 9.4% month-over-month increase. Reaching a seasonally adjusted level of 6.54 million, existing home sales were 21% higher than last year. More than 70% of the homes on the market in September were sold in less than one month.

This week's important economic reports include:
  • New homes sales

  • Case-Shiller home price index

  • Consumer confidence index

  • MBA application submissions

  • Gross domestic product

  • Jobless claims

  • Pending home sales index

  • Personal income

  • Consumer spending

  • Core inflation

  • Consumer sentiment index

WEEK OF OCTOBER 26, 2020

Sincerely,

Danny Caro
NMLS# 1120188 | Branch NMLS No. 1793450
Branch Manager | CMG Financial
Mobile:

11331 James Watt Drive Bldg F200 | El Paso, TX 79936

© 2020 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS# 1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025. Registered Mortgage Banker with the Texas Department of Savings and Mortgage Lending. AZ license #0903132. Offer of credit is subject to approval. To verify our complete list of state licenses, please visitwww.cmgfi.com/corporate/licensingandwww.nmlsconsumeraccess.org.


Mark Meeks Headshot
Author:
Phone: 915-474-2402
Dated: October 26th 2020
Views: 158
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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