Weekly Brief

It is our goal to keep you informed about what is happening in the market so that you can make the best decisions for your business. As always, please reach out with any questions.

MARKET COMMENTARY RATES

•The National Association of Realtors® (NAR) said today that total existing home sales fell 4.8 percent after three straight months of increases and despite slowing price growth.

•The percent share of first-time buyers rebounded to 32 percent in August, up from 28 percent in July

•Mortgage rates moved lower on Friday following the Fed announcement on Thursday. This movement was due to a combination of the decision to avoid raising rates as well as the fragile state of the global economy.

•There are several Fed speeches this week, and they'll offer an important opportunity to clarify last week's takeaways including the fact that we did not see a rate hike.

SOURCE: Mortgage News Daily