This was an exciting week for housing news: Q3 saw a 3% rise in GDP, new home sales skyrocketed in September, and mortgage rates remain low.
Q3 Saw a Rise in GDP +3%
According to an advance estimate, GDP increased by 3% for the 2017 third quarter. What are some benefits?
- The two-year Note Yield hit a nine-year high of 639%.
- Contributions for increasing GDP came from personal consumption expenditures (PCE), private inventory investment, nonresidential fixed investment, exports, and federal government spending.
- The inventory investment increase and a smaller trade amount helped balance out lower consumer purchases from the
- A stronger economy than expected should help the reconstruction of disaster areas and the continued funding for builders across the country to fill the housing gap.
New Home Sales Skyrocket in September
After new home sales slowed in August, September saw a rapid increase. Here’s what you need to know:
- September new home sales rose 18.9% in September, the highest it’s reached in almost 10
- This jump in sales comes after a 3.4% drop in August.
- Stay tuned for an update on October home sales.
Daily Mortgage Rates
- Mortgage rates remained steady this week with no drastic changes.
- 15 year fixed rates reflected a minor increase of .04%, showing 10% last week to now 3.14%.
- It’s a great time for buyers to buy, refinance, or lock as rates remain at historic lows.