Weekly Mortgage Update: October 23rd, 2017′
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FIRST TEAM’S WEEKLY MORTGAGE WATCH (OCTOBER 22ND, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgages rates were slightly up last week, with stock markets pulling some cash out of bonds.
- Industrial Production did step somewhat higher, and the Beige book noted improvement in one Fed district.
- Existing Home Sales did manage a small uptick, while Housing Starts moved in the opposite direction.
- Storm-related issues appear to continue to impact some indicators, including weekly jobless claims and the Leading Economic Indicators.
- To the frustration of some, we seem to be plodding along the same economic course that we have for years. While it may lack pizzazz and great headlines, we have had continued economic growth, job growth, and low inflation.
- This week, we may see mortgage rates tick up slightly, especially if stock markets continue to rocket higher, as they did last week.
- However, if the first estimate of last quarter’s GDP hits 3.0%, which is above most economists’ expectations, then we would see rates flaring higher.
- However, if GDP drops below 2.0%, we could see mortgage rates end the week on a downward trajectory.
WHERE IS IT THE MOST EXPENSIVE TO BUILD A HOUSE?
The National Association of Home Builders analyzed all the data from 2016 to discover what it costs to build a house around the country. The most expensive was a contractor-built home in the Pacific region, coming in at $164 per square foot, excluding improved lot costs. The cheapest homes were spec homes built in the in the East South Central (VA, TN, AL, and MS) coming in at $91 per square foot. The national average worked out to be $101 per square foot.
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