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Mark Hemingway

Mortgage Market Update for November 25th

Wednesday, November 27, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The Mortgage Bankers Association reports that independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,924 on each loan they originated, up from $1,675 per loan in Q2 2019. The $1,924 is near a seven-year high. In addition, the average loan balance for first mortgages reached a study high of $276,053 in the third quarter, up from $268,520 in the second quarter. Marina Walsh, MBA's Vice President of Industry Analysis. "The increase in profits was primarily driven by declining production expenses and higher loan balances, which mitigated the effects of lower basis-point revenue."

U.S. stocks are being boosted higher today after Reuters reported that the US and China are "very close" to a "Phase One" deal. Trade hopes and solid corporate earnings have lifted the Dow, S&P and NASDAQ to record highs in November. Add a strong labor market, which should continue to support consumer spending and you have the makings for an expanding U.S. economy.

The American Farm Bureau Federation's 34th annual survey of classic items found on the Thanksgiving Day dinner table indicates the average cost of this year's feast for 10 is $48.91, or less than $5.00 per person. This is a 1-cent increase from last year's average of $48.90. The centerpiece on most Thanksgiving tables - the turkey - costs slightly less than last year, at $20.80 for a 16-pound bird. That's roughly $1.30 per pound, down 4% from last year.

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