MORTGAGE BLOGPosted On September 26, 2016
The market as a whole is taking a hit with the impending presidential debates. Stocks are dropping in the wake of tonight’s premiere debate between the candidates. This activity is typical of an election year, especially with the hotly contested presidential seat.
The mortgage rate continues a slight decline since last week opening up at a lower rate. We will be looking ahead to the Case-Shiller release of its quarterly home price index this Tuesday and the National Association of Realtors issue of its pending home sales index for August.
The first debate between the Democratic and Republican nominees will take place tonight. This has caused the US stock market to open lower with investors hesitant to make money moves ahead of the debate.
Case-Shiller will release its quarterly US National Home Price Index this Tuesday. The index is a composite of single-family home prices indices for the nine US Census divisions. The index has fallen for three consecutive months, but a strengthening housing market especially in the Pacific Northwest could turn this around. In previous years, seasonal adjustment factors show more rapid appreciation in the winter and slower increases or declines in the summer.
The National Association of Realtors’ pending home sales index has been on the rise this year, reaching its second-highest level of 2016 in July. The rising index is an indication of low interest rates and rising employment. Economists predicted a 0.7% rise, but the actual increase measured up to a 1.3% increase. We expect to see continued growth amidst the current market.
Despite the economic uncertainty that comes with an election year, the housing market maintains slow but steady growth. Tune in this Friday for an update on the reports from the Case-Shiller US National Home Price Index and the National Association of Realtors’ pending home sales index.
Sources: Wall Street Journal, Seattle Times, Market Watch, Market Watch
