Friday’s existing home sales data fell 1.7% last month after a two year high in August. Although sales were down for the month, home sales are up 11% from last year and home prices are up 11.3% with the median price for a home resale at $183,900.
This week Wednesday we will see more housing data including new home sales as well as an FOMC announcement. It is unlikely that there will be any new polices initiated at the meeting but rather an economic update. Thursday is the initial jobless claims report as well the pending home sales index. Analysts are expecting jobless claims to drop this week at a reasonable pace. Friday we will have a report on consumer sentiment, which is likely to remain the same as the last October reading which was a five year high.
Mortgage rates may be volatile this week, as they typically are when FOMC meetings are on the economic calendar. Last week mortgage rates rose because of the positive economic data as well as Eurozone optimism. The current rates stand at 3.37% for a 30 year fixed and 2.66% for a 15 year fixed.
Senior Loan Officer
1st Advantage Mortgage, a Draper and Kramer company