Weekly Mortgage Update: November 6th, 2017′
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FIRST TEAM’S WEEKLY MORTGAGE WATCH (NOVEMBER 5TH, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Last week saw a torrent of data and news flowing into financial markets, and while most of it was positive, mortgage rates mostly shrugged.
- Assuming Senate confirmation, Jerome Powell will be the next Federal Reserve Chair. All indications point to no significant change in the Fed’s trajectory. The Fed also met last week with little change to policy.
- The monthly employment numbers did see a revision into positive territory for September and 261,000 new jobs for September. While certainly substantial, some market participants were hoping for even more new jobs.
- The ISM Indices split direction with services edging upward and manufacturing slipping downward, but remaining at a solid 58.7.
- We’re seeing a bit more international data, including a rate increase from the Central Bank of England, which appears to be supporting the notion that foreign economies are gaining steam.
- This week is fairly light in terms of economic data. We may see markets pushed around as the stream of news regarding tax reform heats up, but rates are not like to move all that much in response.
PROFILE OF HOME BUYERS AND SELLERS
In the recent release of its annual Profile of Home Buyers and Sellers, NAR researchers found some interesting tidbits. Homebuyers continue to remain in their home an average of 10 years after hitting a low of 6 years in 2009. The average time a home remained on the market dropped to a historic low of 3 weeks. The age of repeat buyers continues to climb and now stands at an all-time high of 54. Buyers and sellers using agents remained at historic highs of 87% and 89%.
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