Mortgage Rates Hold Steady and Remain Low - 10/23/20
- Talks continue for another pandemic stimulus package, although it is now questionable if a deal could be pushed into law before the November elections.
- Pandemic aside, 6,500 new restaurants opened last month. That’s only 100 fewer new restaurant openings nationwide compared to a year earlier, a good sign for the recovery.
- Jobless claims declined last week, falling for the third time in four weeks. Continuing claims fell to 8.37 million; however, more people were on extended benefits.
- Single-family homebuilding surged in September, cementing the housing market’s status as the star of the economic recovery. Starts were up 8.5% over last month.
- Homebuilder sentiment set another record high in October, despite challenges of shortages in labor, lots, and lumber, as buyer demand remains strong.
- Existing home sales jumped 9.5% in September, but sales could be even more robust if more homes were available. Inventory fell 19.2% annually, a 2.7-month supply.