Forgotten Your Password?

Need to Register?

Jesse Stroup

California Mortgage & Real Estate Housing Update 10/29/15

Thursday, October 29, 2015 - Article by: Jesse Stroup - Home Loans of Idaho LLC - Message

Economic growth in the third quarter of 2015 slowed across the nation, but it was mainly due to a big decline in inventories, particularly goods that are being exported. The Bureau of Economic Analysis reported that the first reading on Gross Domestic Product (GDP) in the third quarter rose 1.5%, well below the 3.9% recorded in the second quarter. GDP measures the value of goods and services produced by the nation's economy. Many of the component's within the report were positive, with consumer spending a standout up 3.2% after a big gain in the second quarter.The National Association of REALTORS(R) reported on Thursday that Pending Home Sales fell 2.3% in September from August and are just 3% higher than a year ago. The -2.3% was the second straight monthly decline and the second lowest number for 2015. The Northeast experienced the biggest drop, down 4%, followed by a 2.5% drop in the Midwest, -2.6% in the South and flat in the West. The Pending Home Sales Index is based on signed contracts for existing single-family homes, condos and co-ops.Mortgage rates continued to hover just above historic lows this week. Government sponsored entity Freddie Mac reported that the 30-year fixed conventional mortgage rate fell to 3.76% this week when paying 0.6 in points and fees. Mortgage rates are below last year's levels of near 4% as inflation runs below the Federal Reserve's target range and as global economies continue to run slow.Jesse Stroup California Mortgage Professional www.CaliforniaHomeLoanLender.comwww.JesseStroup.comNMLS# 6229

Related Searches:

Didn't find the answer you wanted? Ask one of your own.

Get an answer
Subscribe to our news feed.