Market News 1-02-2020
Mortgage Market Update
Rates, including those for mortgage loans, hovered near historic lows in 2019 and helped propel the stock market to record highs. Stocks in 2019 gained almost 29%, the most since 2013. Confidence among consumers climbed to the highest level in 5 months in December, as Americans grew more optimistic about the economy and their personal finances. Jobless claims dropped to a 4-week low at the end of last year, the latest signs that the labor market remains robust. This was the 3rd straight drop in unemployment filings.
The Case-Shiller National Home Price Index rose 3.3% year-over-year in October, rising from September’s pace. Prices are 15% higher than the last peak in July 2006. The Federal Housing Finance Agency also released data supporting higher home prices, with a 0.2% increase month-over-month in October and a 5% increase year-over-year. Estimated October construction spending of $1.29 billion was 1.1% higher than the previous year. Single-family housing starts were up 2% over September.