For the Week Ending November 10, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.
Traders continue to drive stocks to new heights and new records. However, concerns over the new tax reform plan going through have started to surface.
The tax reform plan is expected to drive economic growth and corporate profits. If the plan doesn't go through as anticipated, it could help interest rates.
The labor market remains strong. Job openings posted by employers in September were steady from the prior month, a near record high.
Rents have been increasing far faster than the pace of inflation. However, rising homeownership numbers could curb demand, slowing the increases.
New applications for purchase mortgages increased 1% last week. That's 9% higher year-over-year, as buyers seem less concerned about rates.
The tax reform plan, as proposed, would lower the mortgage deduction on new purchases. There are lots of opinions of what effect, if any, it would have on sales.
I was called into my manager's office today because of my dress code.
He said, "You can't wear pajamas for work."
Isaid, "Everyone else does."
He said, "That's because they're patients."
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends candiffer from our own and are subject to change at any time.
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Learn more about both in this week's Markets in a Minute:
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