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Mortgage rates rising! {Market Report} October 8th

Mortgage rates rising! {Market Report} October 8th
October 8, 2018 abryant

 

 

 

The brain is the most outstanding organ. It works for 24 hours, 365 days, right from your birth, until you step in the exam hall.

Anything you lose automatically doubles in value.

The question of whether computers can think is just like the question of whether submarines can swim.

No matter how old or how tough you think you are, when a toddler hands you their ringing toy phone, you answer it!!

Sweater, n. Garment worn by child when its mother is feeling chilly.

 

Now The Market Report . . .

 

The non-manufacturing services sector expanded last month at the fastest pace on record. The news helped trigger this week’s rise in mortgage rates.

Jobless claims last week fell to a near 49-year low, pointing to sustained labor market strength. The strong labor market could contribute to further rate increases.

The sudden rise in bond yields this week triggered higher mortgage rates. It’s likely bond yields will continue to advance heading into 2019.

 

Year-over-year mortgage application volume was down 15% last week. However, volume was unchanged from the previous week.

Builders say new tariffs are adding as much as $9,000 to the price of a new home. Builders are also plagued by labor shortages and increased building regulations.

As home prices rise, so do rents. In some cities, renters have turned to rent strikes to compel landlords to negotiate rents and improve maintenance.

 

I hung a picture up in my office the other day. Yup, I nailed it.

 

This week’s potential market moving reports are:

 

Monday, October 8th:            Columbus Day, No Data Reports

Tuesday, October 9th:           NFIB Small-Business Index

Wednesday, October 10th:    Producer Price Index

Thursday, October 11th:        First Time Jobless Claims, Consumer Price Index

Friday, October 12th:             Consumer Sentiment

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