INFO THAT HITS US WHERE WE LIVE
Last week the New Home Sales report showed October below expectations, at 728,000. September's reading was also revised downward, from 770,000 to 716,000. New Homes inventory is still at a lackluster 8.5 months. Yuck. But guess what.
That October 728,000 number represents a 1.7% increase in New Home sales, year-over-year. More than a few people must be seeing the terrific value and refreshing affordability that's out there in the new home market!
Those same people are also making sure they don't miss out on the great mortgage rate situation. We all need to let folks know: we're seeing the best rates in two years on fixed-rate conforming loans!
It was also announced last week that the limit on those conforming mortgages will stay at $417,000 for 2008.
>> Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months. What a difference a week makes. Now the experts aren't arguing over whether the Fed is finished for the year. They're debating how big the cut will be! Some think the Fed will go a whole .50% again.
Current Fed Fund Rate: 4.50%| After FOMC meeting on: | Consensus |
| Dec 11 | 4.25% |
| Jan 30 | 4.25% |
| April 30 | 4.00% |
Odds of change from current policy:
| After FOMC meeting on: | Consensus |
| Dec 11 | 70% |
| Jan 30 | 82% |
| April 30 | 88% |
brought to you by your friends at ctx mortgage
Comments(0)