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Rates are moving – Contact me today to get started with a preapproval letter.
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• Act quickly, ahead of the competition
• Avoid losing to cash buyers
• Show sellers you are serious
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Weekly Market Update
Mortgage rates fell this week, as the markets were pleased with the President-elect’s pick in Treasury Secretary, Scott Bessent. Bessent looks to favor a strategy of growing the economy, reducing government spending, and adding oil production to the economy. This will address the national debt and deficits and will hopefully help inflation continue to cool. Wall Street is on board with the nomination, and it appears it should be an easy confirmation process. To contrast his positive Treasury Secretary nomination, the President-elect announced that he plans to put on a 25% tariff on Canada and Mexico goods. He also announced an additional 10% tariff on all products from China. There will likely be more of these announcements in December; it will be interesting to see how the markets respond to them. At some point, the President-elect will focus on reducing interest rates. The interest costs is a large part of government deficit and high mortgage rates are a large impediment to home buyers. As we move into December, the markets will likely focus on the Fed’s decision to cut rates in their December meeting or if they will pause.
• U.S. 10-year Treasury on Wednesday morning is at 4.23%.
• Initial Jobless Claims came in lower than analyst’s expectations (213k claims vs expectations of 220k).
• S&P CoreLogic Case-Shiller 20-city index came in lower than analyst’s expectations (+0.18% m/m vs expectations of +0.3% m/m).
• Conference Board Consumer Confidence came in-line with analyst’s expectations (111.7).
• Core-PCE came in-line with analyst’s expectations (+0.3% m/m).
• Durable Goods Order came in lower than analyst’s expectations (+0.2% m/m vs expectations of +0.5% m/m).
• New Home Sales came in lower than analyst’s expectations (610k sales vs expectations of 725k sales).
• Mortgage Applications rose by 6.3% this week.
When you have any mortgage questions or real estate questions, count on me for quick and helpful information.
Sandy Herrick
ReeceNichols
913-205-4333
sherrick@reecenichols.com
Licensed in Kansas and Missouri
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