Mortgage Rates Remain Low - 11/27/2020
- Consumer confidence slipped in November, amid a resurgence in COVID-19 cases and business restrictions, reinforcing expectations for a 4th quarter economic slowdown.
- Durable goods orders grew at a faster than expected clip in October, demonstrating the manufacturing sector’s continued support of the economy.
- Jobless claims rose the 2nd week in a row for the first back-to-back increase since July. The rising COVID-19 count is likely causing labor market weakness.
- The FHFA released the 2021 conforming loan limits to be used by Fannie Mae and Freddie Mac. Limits will rise 7.42% to $548,250 in most places and to $822,375 in most high-cost areas.
- Home prices surged to a 6-year high in September, according to Case-Schiller. The 7% increase over last year marks the fastest 12-month gain since 2014.
- Existing home sales grew 4.3% over September and 26.6% over last year. New home sales were also strong in October, remaining near their best pace since 2006.