Mortgage Rates Creep Up - 11/26/21
- Inflation rose strongly in October, accelerating at its fastest pace since the early 1990s. Growing inflation can lead to higher rates..
- Durable goods orders fell for a 2nd straight month in October, but year-over-year orders were up almost 14% and exceeded pre-pandemic levels.
- Unemployment claims fell to 199K last week, the lowest level since 1969. Continuing claims fell by 60K.
- Existing home sales rose in October as investors rushed into the market. Their median price rose to $353,900, 13.1% higher than last October.
- Purchase mortgage apps were up 5% for the week due to an unusual surge in home buying just before the typically slow holiday season.
- Millennial homebuyers have accounted for 67% of first-time purchase mortgage apps and 37% of repeat purchase apps so far in 2021.