What's up with the housing market? | October 14th

National Housing Report: October 14th

Melody and I are pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!

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The Economy

  • Last weeks’ manufacturing data left markets feeling that the Fed will cut rates again this month, more than doubling the likelihood to 80+%.
  • Producer prices fell unexpectedly in September, leading to the smallest annual increase in nearly 3 years. This is also supportive of better mortgage rates.
  • High level trade talks with China resume this week. If any kind of deal gets done, it could include suspending next week’s planned increase on tariffs.

Housing News

  • According to a recent survey, consumer sentiment on housing remains strong. Respondents felt it was both a good time to buy and a good time to sell a home.
  • According to data from the Home Mortgage Disclosure Act, mortgage denials have fallen to the lowest rate since the financial crisis and dating back to 2004.
  • Three minor upgrades that can spruce up a home quickly? Get the most bang for the buck by updating the front door, the mailbox, and the light fixtures.

 


*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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