To find out if now is the time to buy, check out this week’s mortgage highlights:
- Last week saw some optimism growing in financial markets despite some softer-than-expected data with rates pressing back upward.
- The probability of the US and China coming to a deal improved with some US tariffs not being imposed and China agreeing to significant agricultural purchases.
- Hopes for closure to the Brexit drama also helped buoy moods, although Saturday’s extension may deflate hopes of a quick end to the seemingly never-ending turbulence.
- US Retail Sales data for September revealed some softness with the headline reading dropping by 0.3%. However, the core reading remained unchanged, and August’s reading was adjusted upward by 0.2%. Industrial Production slowed 0.4%, with the critical manufacturing sub-component dropping 0.5%. The LEI also posted a decline of 0.1%, the second monthly decline in a row.
- This week is likely to see markets focused on the Brexit drama and trade once again. If we see more positive movement on either, then mortgage rates are likely to move even further upward.
- Is now the time to buy for you? Purchasing a home is about finding the perfect time in your life. Click here to start your home search.
Average Student Debt More Than Down Payment
More and more experts point to mounting student debt as a barrier to homeownership. A median-priced home now costs about $260,000. A 10% down payment would be around $26,000. Currently, the average debt for college students sits at $34,500, and trends point toward even more growth in education costs. Since 1986, public university tuition has risen at four times the rate of wages, and private school tuition has increased seven times faster than wage growth.