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Whats Going On With The Mortgage Rates
Although business spending is a bit tepid, the economy continues to show signs of improvement. Growth estimates for the third quarter are as high as 3.3%.
The Fed meets next week and on Wednesday will announce if there will be a policy rate increase. Most economists think the Fed will wait until December to hike.
If the Fed does make it clear that they plan to raise policy rates in December, markets will likely price that move in immediately, and mortgage rates may rise.
Case-Shiller reports that home prices rose 5.3% in August over July. Home price increases continue to be supported by low mortgage rates and tight inventory.
Pending home sales were up 1.5% in September, reversing an August decline. First-time buyers represented the highest share of closed sales in 4 years.
New home sales also rose in September, close to a 9-year high. Sales increased 29.8% from a year ago, and demand for new homes remains strong.
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Don’t miss one of the largest multicultural festivals in Arizona. Head to 200 W. Washington Street between 12pm-10pm to celebrate Mexico’s victory over the French Army