Market News 10-10-19
Mortgage Market Update
Last week’s manufacturing data left markets feeling that the Fed will cut rates again this month, more than doubling the likelihood to 80+%. Producer prices fell unexpectedly in September, leading to the smallest annual increase in nearly 3 years. This is also supportive of better mortgage rates. High level trade talks with China resume this week. If any kind of deal gets done, it could include suspending next week’s planned increase on tariffs.
According to a recent survey, consumer sentiment on housing remains strong. Respondents felt it was both a good time to buy and a good time to sell a home. According to data from the Home Mortgage Disclosure Act, mortgage denials have fallen to the lowest rate since the financial crisis and dating back to 2004. Three minor upgrades that can spruce up a home quickly? Get the most bang for the buck by updating the front door, the mailbox, and the light fixtures.