Market News 12-27-19
Mortgage Market Update
Orders for durable goods (products designed to last at least 3 years) fell 2% in November from October. This is the biggest month-over-month decline since May. Stock indexes ticked higher in holiday-thinned trading as investors looked ahead to a promised trade breakthrough between the world’s biggest economies in January. Jobless claims fell last week in a sign of ongoing labor market strength. Claims have been volatile in recent weeks around the holiday season and end of the year.
New home sales rebounded in November, suggesting low mortgage rates continued to support the housing market. Sales activity in the prior month was weaker than reported. According to the credit reporting agency Experian, the average American credit score surged to an 8-year high of 682 in 2019, hitting its highest level since 2011. Housing affordability fell slightly in October compared to September, but affordability conditions improved year-over-year. The overall median sales price was $273,600.