To find out if now is the time to buy, check out this week’s mortgage highlights:
- While the Freddie Mac Primary Mortgage Market Survey showed rates lower than the previous week, mortgage rates moved off those lows on Wednesday and Thursday.
- The week started with some somber news. The ISM Manufacturing Index dipped to 49.1. Any reading below 50.0 indicates that the manufacturing industry is beginning to contract. However, the ISM Services Index bounced higher than expected, landing at 56.4.
- Friday’s employment data revealed another 130,000 new jobs created and an unchanged unemployment rate. While the pace of job creation has slowed, the economy is continuing to create new opportunities.
- Market moods seemed to turn much more positive when the United States and China agreed to meet for trade talks in early October.
- This week is likely to see rates drift toward Friday’s Retail Sales data unless the Consumer Price Index reveals some significant surprise.
- If the US consumer is spending more than expected, again, then we might see rates moving upward, but slightly tempered by the expectation of a Fed rate bump.
- 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.
Bidding Wars Continue to Cool
According to Redfin, only 10% of the offers written by their real estate agents faced a competitive offer. That’s down from 42% last year and a high of 59% in March 2018. San Francisco continues to be a hot spot for competitive offers with 31% facing competitive bids, followed by San Diego (18.4%); Las Vegas (17.1%); Boston (15%); and Los Angeles (14.4%). On the other end of the spectrum were Atlanta (2.4%), Miami (3.1%), and Raleigh, NC (4.2%).