Weekly Economic Update
November 23, 2024
Home Sales Rise |
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With a lack of major economic data outside of the housing sector, it was a quiet week for mortgage markets, and rates ended with little change. |
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While the latest report on housing starts was a bit disappointing, the results in many regions were negatively impacted by hurricanes. In October, single-family housing starts declined 7% from September and were slightly lower than a year ago. By contrast, single-family building permits, a leading indicator of future construction, increased from September to the highest level since April. In addition, a separate survey of home builder sentiment on housing market conditions from the NAHB was stronger than expected. |
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Mortgage applications improved modestly this week. According to the latest data from the Mortgage Bankers Association (MBA), applications to refinance rose 2% from last week and were a massive 43% higher than one year ago. Purchase applications also rose 2% from the prior week but still were down slightly from last year at this time. |
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Investors will continue to look for additional guidance from Fed officials on their plans regarding future monetary policy. For economic reports, New Home Sales will be released on Tuesday. Personal Income and the PCE price index, the inflation indicator favored by the Fed, will come out on Wednesday. Mortgage markets will be closed on Thursday and will close early on Friday for Thanksgiving. |
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