Mortgage Applications Technically Improve
First thing's first, mortgage applications increased last week, both for purchases and refinances! It was the first improvement for refi demand since mid September, when rates were well into their lowest levels in more than 2 years. Top tier conventional 30yr fixed rates were being quoted at around 6% at the time, but moved rapidly up to 7%+ in the first 3 weeks of October. The resulting drop in refi demand was as logical as it was unfortunate, and it didn't really let up until 2 weeks ago. Since then, last week saw only a microscopic decrease which, in turn, paved the way for this week's microscopic increase. In the bigger picture, the refinance index remains in the lowest territory in decades. The Purchase Index is actually in a similar boat. In fact, we'd need to go even
First Signs of Winter
As the days grow shorter and the air turns crisp, have you seen the first signs of winter? The changing season not only marks a shift in our daily routines but also signals the need to prepare our homes for the cold weather ahead. Here’s a guide to ensure your home is ready for winter, while also exploring how these changes affect real estate and neighborhood lifestyles. Real Estate News: Winter's arrival can significantly impact the real estate market. Potential buyers and sellers may find themselves navigating through different challenges compared to warmer months. For sellers, it's essential to maintain curb appeal despite the colder weather. Clear leaves and snow from walkways, and consider adding some winter-friendly plants or decorations to keep your property inviting. Buyers should take note of how well a home is insulated and heated during their viewings, as these factors will be crucial in the colder months. Lifestyle: Embracing winter means adapting your lifestyle to stay warm and cozy indoors. This is an excellent time to invest in plush throws, warm lighting, and perhaps even a fireplace if you don’t already have one. Winterizing your home can also involve sealing windows and doors to prevent drafts, checking your heating system for efficiency, and ensuring your pipes are insulated to avoid freezing. Neighborhood: Winter often brings communities closer together as neighbors look out for each other during inclement weather. Neighborhoods can become more picturesque with a blanket of snow, making it an ideal time for community events like holiday lighting ceremonies or winter festivals. Engage with your community by participating in these events or simply offering a helping hand to clear snow from a neighbor’s driveway. Preparing your home for winter not only ensures comfort but can also enhance its value and appeal during this season. By taking proactive steps now, you’ll be ready to enjoy all that winter has to offer while keeping your home safe and efficient. So bundle up, sip on some hot cocoa, and embrace the beauty of this chilly season with confidence!
Two Ways to Look at Residential Construction Slowdown
The most common interval for scheduled economic data is "monthly." That means that things like inflation, sentiment, job counts, unemployment, retail sales, and many other economic metrics are updated and released every month, even when nothing very interesting is happening. On that note, there are several regularly scheduled housing related reports. This month's installment of New Residential Construction is today's example and, as you may have guessed, nothing very interesting is happening. At a glance details: Housing Starts (1st phase of actual construction) 1.311 million annual pace vs 1.33m forecast, 1.353m previously Building Permits 1.416m vs 1.430m forecast, 1.425m previously Neither measurement stands out on a longer term chart. B
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