Find out what's helping rates! {Market Report} October 16th — American Family Funding - Home Loans | Mortgage

Find out what’s helping rates! {Market Report} October 16th

October 16, 2020 abryant

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	Consumer prices rose 0.2% in September, mainly due to a sharp increase in used car prices. Inflation still remains below the Fed’s target of 2.0%, which helps rates remain low.
	Producer prices also rose in September. The increase was more than expected amid a surge in costs for traveler accommodation services. It was the 1st year-on-year gain since March.
	Jobless claims unexpectedly increased last week, coming in at 898,000. The increase could heighten fears that the pandemic is inflicting lasting damage to the labor market.


	Record high lumber prices are driving up new home prices. Recent spikes in lumber have added more than $16,000 to the typical cost of a new single-family home.
	The pandemic is reversing a long-standing preference by renters for urban locations. Instead, rentals are surging in suburban markets, where renters with no commute can afford larger spaces.
	Rising home prices translate into higher down payment requirements, making purchases harder on first-time buyers. The median home price is now $350,000, up from $312,000 a year ago.

“The most interesting things happen just on the other side of your comfort zone.”
Michael Hyatt

Next week’s potential market moving reports are:

Monday, October 19th – National Associaton of Homebuilders Index
Tuesday, October 20th – Housing Starts, Building Permits
Wednesday, October 21st – None Scheduled
Thursday, October 22nd – First Time Jobless Claims, Existing Home Sales
Friday, October 23rd – Manufacturing

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