Idina Menzel…and your market update!

A few weekends ago, I went to Paso Robles for some wine tasting and to see Idina Menzel in concert. Many don’t know her by name, but know her work…she sang “Let it go” from Frozen, and was the lead in “Wicked” and “Rent.” You may also remember her as the person whose name was botched by John Travolta in one of the award shows! 🙂

The venue was small, and amazing. The concert was at the Vina Robles winery Amphitheatre, where every seat is awesome.

Not only was her voice amazing, but she is such a down to earth and genuine person. She spoke about her personal struggles, being broken at times, and her life as a single mom. I loved her sincerity and openness. It made me like her more as an artist!

At the end of the concert, she brought kids to the stage to sing “Let it go.” It was adorable to see, and hear, these kids belt out the song with every ounce of energy they had.

We all have our stories, struggles, and brokenness, regardless of fame and fortune. Let’s remember this when someone is less than nice to us or cuts us off on the roads.

 Onto the market update…

The stock market just keeps heading higher. Another day – another record high for the Dow Jones Industrial Average. Every day this week through Thursday, the Dow set a new market record. Even with the increase in the chance that the Fed will raise interest rates, based upon the latest consumer inflation data, investors continue to remain optimistic about the strength of the economy.

If you have been reading my newsletter for more than a few months, you have seen me write about how “if we hear something enough times, we become numb to it”. This fact has shown up once again with our relationship, or lack of one, with North Korea. With the likelihood of yet another missile test coming soon, along with the latest threat from Pyongyang to destroy the United States, investors do not seem to be phased. Despite these threats, unlike before where the market would panic, investors seem to be treating it now as business as usual.

Mortgage Rates and Applications: The same as the week before, last week’s further decline in mortgage rates has sparked both purchase and refinance applications. With the most significant movement in this data we have seen in months, applications for purchases soared a seasonally adjusted 11.0 percent for the week ending September 8th. Refinances jumped 9.0 percent for the week as well.

Refinance activity continues to represent and increasing portion of mortgage financing. Where only a few weeks ago refi’s accounted for 42 percent of loan applications, as of last week, the number is now up to 51 percent, which is the highest level since January. Overall purchase mortgage activity is 7.0 percent higher than the same time last year and mortgage rates are at their lowest level since the Presidential election in November 2016. It is an incredible time to purchase a home and it seems as if more and more people are beginning to recognize this as purchase activity continues to increase.

First Time Jobless Claims

In a surprise reading, the latest first time jobless data came in opposite of what almost every analyst predicted. With the expectation that claims would once again increase due to more people filing because of Hurricane Harvey in Texas, claims actually declined by 14,000 for the week ending September 9th. Claims are expected to temporarily rise next week due to the damage from Hurricane Irma, as those numbers are not factored into this week’s data. However, the increase is expected to be short lived as damage from the storm was far less than anticipated.

Next week’s potential market moving reports are:

 

  • Monday September 18th – Housing Market Index
  • Tuesday September 19th – Housing Starts
  • Wednesday September 20th – MBA Mortgage Applications, FOMC Meeting Announcement
  • Thursday September 21st – First Time Jobless Claims, FHFA House Price Index

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can.  Please feel free to reach me at 661-618-1789.