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Mark Hemingway

Mortgage Market Update for November 7th

Friday, November 8, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

US stocks are trading at fresh record highs today on reports that the US and China are moving closer to a deal that would include rolling back tariffs ahead of the "Phase One" signing in the near future. In addition to the positive trade headlines, solid earnings and a strong labor market are also a few of the catalysts that are lifting the equity markets. The US-China story is the biggest news item to follow and it sure seems something good is coming of it causing global yields to climb for the past few weeks.

Fannie Mae released its Home Purchase Sentiment Index (HPSI) revealing that consumer home purchase sentiment remained robust in October. The HPSI fell 2.7 points to 88.8 from September though up 3.1 points compared to the same time last year. However, despite low mortgage rates, the 'good time to buy' component declined while the 'good time to sell' also dropped. Doug Duncan, Senior Vice President, and Chief Economist said, "Low mortgage rates and a strong labor market are supporting the index's overall strength, which is consistent with our expectation for a modest expansion in home purchase activity in the fourth quarter."

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