10.7 Market Update

Hey everyone,

I wanted to give you a quick update on what’s been happening in the mortgage market over the past week. As you know, the economy can have a big impact on interest rates, so let’s break down some of the key reports that came out between September 30th and October 4th.

One of the biggest news items this week was the Initial Jobless Claims report. It came in lower than expected, suggesting a strong labor market. This could put upward pressure on interest rates.

Next up was the Durable Goods Orders report. This one focuses on big-ticket items like cars and appliances. If people are buying more of these things, it can also indicate a strong economy, which again can push rates up. The durable goods orders report was a bit mixed, but overall, it didn’t cause too much of a stir in the market.

We also had the Personal Consumption Expenditure (PCE) index, which is the Federal Reserve’s preferred measure of inflation. While the PCE came in slightly lower than expected, it’s still something to keep an eye on, as rising inflation could lead to higher interest rates.

Finally, the Gross Domestic Product (GDP) report was released. It showed that the economy grew at a slower pace than expected, which could put downward pressure on interest rates.

Looking ahead to the week of October 7th to October 11th, there are a few more reports that could impact mortgage rates. The Consumer Confidence Index is one of them. If consumers are feeling more confident about the economy, it could lead to increased spending and potentially higher interest rates.

Another important report is the Housing Starts data. This report measures the number of new homes being built. If housing starts are increasing, it could put upward pressure on demand for mortgages and potentially drive up interest rates.

So, there you have it! It’s a bit of a balancing act right now. The economy is showing some signs of strength, but there are also some headwinds that could impact interest rates. It’s important to stay informed and be prepared for potential rate changes.”

Fun Anniversaries:

October 11th, 1991 : The first episode of “The Simpsons” aired on television.

This iconic animated sitcom debuted in 1989 and has since become a cultural phenomenon, known for its satirical humor, memorable characters, and timeless catchphrases. From Homer’s epic fails to Marge’s unwavering love and Lisa’s intelligence, The Simpsons has entertained audiences for decades. So, on October 11th, take a moment to appreciate the show that has made us laugh, think, and quote countless lines over the years!