Weekly Mortgage Market Update for December 08, 2017

For the Week Ending December 8, 2017

Please enjoy this quick update on what happened this week in the housing and financial markets.

The Fed will meet next week for the final FOMC meeting under Fed Chair Janet Yellen. Jerome Powell has been approved by Congress to take over in 2018.

Jobless claims declined for the 3rd straight week. A strong labor market could support a Fed policy rate increase at next week's meeting.

The tax reform that is fast-tracking its way through Congress is fueling stocks. The expected economic growth from the plan could push rates higher in 2018.

The proposed tax reform plan would cut the mortgage interest deduction on new purchases. However, economists don't think it will have any effect on the housing market.

Millennials now make up the largest segment of new home buyers. They are buying the greatest share of starter homes and low-to-mid tier homes as well.

Construction spending hit a record high in October. Private residential spending rose 11.2% year-to-date, with new single-family construction up 9%.

I bought my friend an elephant for his room.

He said, "Thanks."

I said, "Don't mention it."

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends candiffer from our own and are subject to change at any time.