By Fred Arnold
In the absence of any major economic data this week the stock market has been hitting new record highs and the DOW has 16,000 in its sight. The market got a big boost on Thursday with the announcement from Janet Yellen that the Fed needs to be cautious in pulling back stimulus.
Ms. Yellen is the likely heir to become the new Fed Chair. She is liked by both republican and democrats in that her views of economic policy seem to be well balanced between conservative and liberal policies.
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Housing, which was for many months the bright side in the recovery, seems to have slowed significantly in the latest reports. More housing reports are due out next week however the latest info suggest slowing as the frenzy for home purchases has cooled dramatically.
Rising mortgage rates are partially to blame as the cost of borrowing has been increasing as of late and is almost a full percentage higher than they were a year ago. Right now the market is in a transition to a new reality of slightly higher mortgage rates and home purchasers are very sensitive to this. However, just like we get used to so many other happenings in the world, purchasers will adapt to slightly higher mortgage rates.
Next week is very light as far as market impacting reports:
Monday November 18th -Housing Market Index
Wednesday November 20th – MBA Purchase Applications, Consumer Price Index, Retail Sales, Existing Home Sales and FOMC Minutes
Thursday November 21st – First Time Jobless Claims and Producer Price Index
Friday November 15th – Industrial Production
Do you have a news tip? Call us at (661) 298-1220, or drop us a line at firstname.lastname@example.org.
As your mortgage professional, I am happy to assist you with any information you may need regarding mortgage or real estate information. I welcome the opportunity to serve you in any way I possibly can. Please feel free to reach me at 661-505-4300.
If you are looking for something to do this weekend, here is a great opportunity to help our local veterans. The Ricky Slocum Memorial Fund host its second annual poker tournament and casino night Saturday, Nov. 16 at Robinson Ranch.
Tickets to the event are $100, with proceeds going directly to financial support for local veterans. The event is open to the public. Tournament check in and buffet dinner starts at 5 p.m. and the tournament begins at 6 p.m. For more information about the tournament and to purchase tickets, please click here or call Bob Slocum at (661) 607-8288.
Source: Santa Clarita News