Please enjoy this quick update on what happened this week in the housing and financial markets.
The Fed raised policy rates this week by .25%, as was widely anticipated. The increase could actually help mortgage rates by fighting inflation.
Falling oil prices continue to help keep inflation at bay. The Fed viewed the low prices as temporary, so it did not affect their rate policy decision.
The latest jobless claims numbers were down, suggesting sustained labor market improvement. A strong labor market is good for the housing market.
Housing starts surged 10.5% in November, continuing a trend of housing market improvement. Starts of single-family homes reached a nearly eight-year high.
Building permits, a bellwether of construction in coming months, were also up. Permits rose 11% from October and were up 13.4% year-over-year in November.
Some builders were slightly less optimistic about the housing market in December. However, tight inventory and high prices continue to induce buyers.
What do you call people who are afraid of Santa Clause?
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.
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