First Team’s Weekly Mortgage Watch this week highlights the following updates:
- Perhaps we’re becoming overly accustomed to the political theater in Washington, as mortgage rates and financial markets overall posted only a small retraction.
- The biggest economic news of the week, the Labor Department’s monthly Employment Report, was not released on Friday. With the health of the labor market being one of the most significant drivers of when the Fed may begin to taper, markets appeared to move forward as we have for the last few years, that is, continuing to assume we have a very slow recovery underway, and that the Fed will eventually taper QE3.
- All eyes will be on Washington, this week, with hopes that some agreements can be reached to end the shutdown, and more importantly, to make progress on the debt-limit debate. The longer this drama stretches out, the more damage we will see to the economy.
- A recent NAR survey confirmed what many of us already believe - that as we get older, we become more selective in our housing choices. Younger buyers were more likely to make trade-offs on price, lot size, distance from job and the style of home. Older buyers also tended to favor newer homes over older.
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Originally posted at http://www.firstteam.com/blog/weekly-mortgage-watch-oct-6-2013-infographic/
