MORTGAGE BLOGPOST TAGS
Blog posted On October 14, 2016
Mortgage rates are on the rise since Monday, with some sources reporting interest rates at their highest level since September. This rise in interest rates may have contributed to this week’s decrease in mortgage applications.
MBA Mortgage Applications – According to the MBA’s latest weekly survey, recorded mortgage applications dropped 6% since last week. Refinances also saw a decrease, dropping 8% since last week. Bloomberg reports that the slowed mortgage market may be a result of the uptick in interest rates.
Hurricane Matthew – In North Carolina, 3,800 people are still displaced among 43 shelters, as of Wednesday morning. More than 2,000 people have been rescued through 600 rescue operations. In Virginia, more than 14,000 households were still without power as of Wednesday morning. In Florida, more than 1 million households lost power, but this week that number has been reduced to 31,000 statewide. In South Carolina, 180,000 households did not have power as of Wednesday morning. At the time of this publication there have been 38 confirmed casualties in the US.
Retail Sales – We have positive news on the retail sales front, posting gains of 0.6% since last month. These numbers indicate a solid economy with actively spending consumers. Auto sales carried the increase, growing 1.1% since last September.
We are closing this week with a carefully floating market. Next week will bring several mid-month housing reports including new home construction and pre-existing home sales. I’ll see you on Monday.
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