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2019-11-25 09:22:55
Market Movement November 2019

Mortgage rates continued to trend lower last week, within reach of year-long lows.  Home builder sentiment fell slightly but remains positive.  Housing starts and building permits each improved.  New purchase mortgage application submissions increased while refinance application submissions declined.  The Federal Open Market Committee (FOMC) released the minutes from its last meeting.  Jobless claims continue to come in at historic lows.  Existing home sales turned around.  The consumer sentiment index improved.

MORTGAGE RATES CURRENTLY TRENDING LOWER

THIS WEEK'S POTENTIAL VOLATILITY

  • Home sellers in these 3 cities are netting the biggest profits.  Read More >>
  • CFPB considers changes to the TRID rule.  Read More >>
  • Single-family home building permits hit post-recession record high.  Read More >>

  • The National Association of Home Builders’ (NAHB) housing market index fell by one point to a level of 70 in November.  Any reading above 50 is considered positive.  Current sales conditions declined to a level of 76 while sales expectations for the next six months improved to a level of 77.  Buyer foot traffic dipped to a level of 53.

  • Housing starts increased 3.8% month-over-month and 8.5% year-over-year to a seasonally adjusted annual rate of 1.325 million.  Building permits are also up 5% month-over-month and 14.1% year-over-year to a seasonally adjusted annual rate of 1.461 million. 

  • For the week ending 11/15, the mortgage application survey returned mixed results.  New purchase application submissions increased 7.0% while refinance application submissions declined 8.0%, for a composite decrease of 2.2%.

  • The FOMC minutes from October’s meeting showed Federal Reserve officials are more optimistic about economic outlook heading into the end of the year.   In the minutes, they wrote they “generally viewed the economic outlook as positive.”  There is still uncertainty surrounding trade tensions and other global concerns.  At the meeting, the Fed voted 8 to 2 in favor of the quarter-point rate cut.

  • For the week ending 11/16, initial jobless claims were unchanged at a level of 227,000.  Continuing claims increased slightly to a level of 1.69 million. 

  • Existing home sales turned around in October, rising 1.9% month-over-month.  Annually, sales are up 4.6%. 

  • The consumer sentiment index improved to a level of 96.8, a four-month high. 

This week's important economic reports include:
  • Case-Shiller home price index
  • FHFA house price index
  • Consumer confidence index
  • New home sales
  • MBA applications
  • Weekly jobless claims
  • GDP revision
  • Personal income
  • Consumer spending
  • Core inflation

WEEK OF NOVEMBER 25, 2019

 
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