Geopolitical Uncertainty Wanes, Pushing Mortgage Rates Back Up
As it became clear in the second half of last week that there would be no need for early elections in Italy and Spain, global political risk waned and mortgage rates rose steadily in response.
From the share of homes in Ocean City, N.J., that are vacation homes (50.9 percent) to what year experts largely expect the next recession will begin (2020), these are the notable numbers from May 2018.
Global Politics Send Investors to Safety, Pushing Down Mortgage Rates
Mortgage rates were flat for most of the past week – holding steady at their highest levels since September 2013, according to Zillow Mortgages data. They edged lower late Wednesday after meeting minutes from the Federal Open Market Committee (FOMC) were released.
April Existing Home Sales: Struggling to Launch
Existing home sales have been essentially flat since fall 2016, seemingly struggling to lift off the plateau where they have held for the past year and a half. Existing home sales are now down 1.4 percent year-over-year.
Rapid Reaction: April Existing Home Sales
April existing home sales fell 2.5 percent from March and 1.4 percent from a year ago, to 5.46 million units (SAAR), according to the National Association of Realtors. Sales fell compared to March in all four major regions.
After Calm Week, Rates Drop on Fed Meeting Minutes
Mortgage rates were flat for most of the past week – holding steady at their highest levels since September 2013, according to Zillow data. They edged lower late Wednesday after meeting minutes from the Federal Open Market Committee (FOMC) were released.
April New Home Sales: Up 12 Percent From 2017, With the Lowest Median Price in a Year
New home sales fell 1.5 percent from March to 662,000 units (SAAR) in April but remain up 11.6 percent from a year earlier. The median seasonally adjusted price of new homes sold in April fell 6.5 percent from March to $312,700, its lowest level in a year.
Rapid Reaction: April New Home Sales
April new home sales fell 1.5 percent from March to 662,000 units (SAAR), according to the U.S. Census Bureau, and were up 11.6 percent from a year ago. Data from the first three months of the year was downwardly revised by a combined 41,000 units.
2020 Vision: Experts Say Next Recession Looms at Decade’s End
Experts largely expect the next recession to begin in 2020, in line with prior expectations expressed in the latter half of 2017. But unlike last year, experts these days are less worried that geopolitical events might tip the economy into the red, and more concerned over monetary and trade policy.
