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Market Recap
Retail sales climbed 0.1% month-over-month in August despite expectations for a 0.2% decrease.
The National Association of Home Builders (NAHB) housing market sentiment index was at 41 in September, which was a two-point increase from the month before. This breaks a four-month streak of declines. Current sales conditions climbed by one point to reach 45, while the expectations for the next six months rose four points to reach a level of 53.
The Federal Open Market Committee (FOMC) voted to cut the benchmark interest rate by 0.5% last week, marking the first cut in four years.
Mortgage application submissions surged 14.2% during the week ending 9/13. Thanks to the notable trend lower in rates, the Refinance increased 24% week-over-week and 127% year-over-year. The seasonally adjusted purchase index climbed 5% from the week before.
Building permits climbed by 4.9% month-over-month in August, surging past expectations to reach a level of 1.475 million. Housing starts were above expectations in August as well, rising 9.6% month-over-month to reach a level of 1.356 million.
Continuing jobless claims defied expectations during the week ending 9/7 by falling 14,000 down to a level of 1,829,000. Initial jobless claims fell by 12,000 during the week ending 9/14, bringing the total number of initial claims down to 219,000.Â
Existing home sales slipped by 2.5% in August, bringing the total down to 3.86 million.
Economic Calender Outlook
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