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Mark Hemingway

Mortgage Market Update for November 8th

Saturday, November 9, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Redfin reports that the luxury housing market stabilized in the third quarter after a weak first half in 2019. The average sale price for luxury homes nationwide rose 0.3% year over year to $1.6 million in the third quarter of 2019. Despite the meager gain, it was the first time luxury prices did not decline after three straight quarters of declines. "Because recession fears peaked over the summer, I expected luxury home prices and sales to dip. But it appears that nerves alone weren't enough to scare off wealthy homebuyers," said Redfin chief economist Daryl Fairweather.

US markets are on the quiet side this morning after a few weeks of volatility that saw the 10-year yield rise to almost 2% in yesterday's trading. Positive trade headlines, strong earnings and an upbeat jobs report for October recently pushed the major US stock indexes to all-time highs. Positive news usually weighs on bond prices, pushed yields higher as investing dollars shift into more riskier assets such as equities and commodities.

The bond markets are closed on Monday in observance of Veterans Day while US stocks undergo normal trading hours.

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