10/26/2022
Ask me about MegaStar's Cash Guarantee Program! Hello we at Harborview are looking for ideas for Thanksgiving Recipes. Here is what is new in the world of Mortgages and also looking for those Thanksgiving Recipes.
Weekly Mortgage Report - October 20, 2022
• Mortgage rates slow their upward trajectory per Freddie Mac’s Primary Mortgage Market Survey. While still up week over week, the 30-year fixed increased just 2 basis points. It continues to remain just shy of levels not seen since the early 2000’s and is adversely impacting the housing market in the form of declining demand. Additionally, homebuilder confidence has dropped to half what it was just six months ago and construction, particularly single-family residential construction, continues to slow down.
• U.S. homebuilding fell more than expected in September and the number of new groundbreakings for single-family homes tumbled to the lowest level in more than two years, according to Census Bureau data out Wednesday that showed the ongoing impact of the Federal Reserve's interest rate hikes on the housing market. Housing starts dropped 8.1% to a seasonally adjusted annual rate of 1.439 million units last month. Permits for future home construction rose 1.4% to a rate of 1.564 million units in September, however the gain was all in multi-unit projects. Residential fixed investment declined at its steepest pace in two years in the second quarter.
• Existing-home sales declined in September, for the eighth month in a row, according to the National Association of Realtors. Total housing inventory registered at the end of September was 1.25 million units, which was down 2.3% from August and 0.8% from the previous year. Limited inventory is allowing sellers to receive more than their asking price. "The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today,” said chief economist over at NAR, Lawrence Yun.
• Jobless claims came in under expectations at 214K for the week ended October 15th per the Labor Department. The labor market has been resilient in the face of monetary policy tightening. The government reported earlier this month that job openings dropped by 1.1 million, the largest decline since April 2020, to 10.1 million on the last day of August. But economists do not expect widespread layoffs, saying companies were wary of releasing their workers after difficulties hiring in the past year as the COVID-19 pandemic forced some people out of the workforce, according to Reuters.
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Jackson Brown
Branch Manager
NMLS 121700 | ME MLO 121700 | NH 121700
207-571-8034 direct
[email protected]
HARBOR VIEW LENDING
439 Main Street, Suite 101 , S**o ME 4072
Harbor View Lending is a Branch of MegaStar Financial Corp® Headquarters NMLS 3043 | 1080 Cherokee St, Denver, CO 80204 | 1-(877) 922-8800 | Equal Housing Opportunity
Jackson Brown Branch Manager NMLS 121700 | ME MLO 121700 | NH 121700
