To find out if now is the time to buy, check out this week’s mortgage highlights:
- Last week’s remarks by the President and Fed Chair went as expected with no surprise announcements regarding the trade deal with China. A level of muted optimism appears to have settled over the markets in the last couple of weeks.
- While economic data hasn’t been especially spectacular, traders seem to believe that incoming data that is weak will find itself turning the corner soon, including soft international reports.
- Retail Sales stepped upward by 0.3%, erasing September’s decline. Industrial Production caused some concern on Friday with a larger-than-expected drop of 0.8%.
- While the weather may pull utility output back upward, the softness reported in manufacturing has some analysts expressing more concern regarding the state of US manufacturing.
- This week is likely to be another week of relative quiet for rates with some initial downward pressure coming from last week’s Industrial Production report.
- The minutes from the Fed’s last meeting could garner some attention if it reveals less cohesion than believed within the Fed’s ranks.
- 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 Slow, But Primed To Increase Again
According to Redfin, only 10% of offers written by their real estate agents faced a competitive bid in October. This is down from 39% in October 2018. While this may be good news for today’s buyers, bidding wars are likely to trend back upward. Housing inventories, especially in areas prone to bidding wars, are currently sitting at lower levels than usual. According to experts, the lower levels this time of year, usually translate into lower levels in the spring.