Strong New Home Sales

Raleigh Mortgage Group Uncategorized

The short holiday week was a relatively quiet period for mortgage rates. A large batch of economic reports on Wednesday had little impact, and rates remained near record low levels. Sales of new homes continued at a blistering pace in October. Following weakness during the spring due to the partial shutdown of the economy, new home sales have maintained an …

Vaccine Progress

Raleigh Mortgage Group Uncategorized

With the election results mostly determined, the pandemic was the main focus for investors this week. Fantastic news about progress on a Covid vaccine was offset by rising case counts, and mortgage rates ended with little change near record low levels. On Monday, Pfizer reported extremely positive trial data for a Covid vaccine, which caused investors to anticipate a quicker …

Divided Government

Raleigh Mortgage Group Uncategorized

During a week of election uncertainty, mortgage markets held relatively steady, as investors expect that control of the government will remain divided between the Democrats and the Republicans. In addition, the key labor market data came in roughly on target, and the Fed made no policy changes at Thursday’s meeting. Mortgage rates remained near record low levels. While the final …

GDP Rebounds

Raleigh Mortgage Group Uncategorized

While there was no shortage of significant economic news on several fronts this week, including an increase in global cases of the coronavirus, major US economic data, and a European Central Bank meeting, mortgage markets held relatively steady. It appears that many investors have been staying on the sidelines ahead of Tuesday’s election, and mortgage rates remained near record low …

Housing Sector Shines

Raleigh Mortgage Group Uncategorized

Increased expectations for additional government stimulus were modestly negative for mortgage markets this week, while strong housing data had little impact. Rates ended a little higher but remained near record low levels. The spectacular rebound in the housing sector from weakness during the spring due to the partial shutdown of the economy has continued. In September, Existing Home Sales increased …

Retail Sales Surge

Raleigh Mortgage Group Uncategorized

An increase in coronavirus cases around the world was modestly positive for mortgage markets this week, while the major economic data was mixed and had little overall impact. As a result, rates remained near record low levels. Since consumer spending accounts for over two-thirds of all economic activity in the US, the retail sales data is a key indicator of …

Service Sector Improves

Raleigh Mortgage Group Uncategorized

During a light week for economic data, rapidly shifting headlines about additional government stimulus caused some volatility for mortgage markets. The net effect was minor, however, and rates ended the week nearly flat near record low levels. Lawmakers remain divided about additional fiscal stimulus measures, and the outcome of the negotiations will be extremely important to mortgage rates for a …

Unemployment Drops

Raleigh Mortgage Group Uncategorized

This week’s major economic data generally was in line with expectations and had little impact. The news that President Trump tested positive for the coronavirus was modestly positive for mortgage markets and negative for stocks. Mortgage rates ended the week with little change near record low levels. Friday’s highly anticipated monthly labor market report revealed that the solid rebound from …