Financial News Update

• September Retail Sales rose 0.1% from August due in part to a big decline in sales at restaurants and bars.  That was well below the 0.6% expected.
• Housing starts dropped 5.3% last month to a seasonally adjusted annual pace of 1.2 million homes. However, starts are up 3.7% over a year ago.
• Housing starts dropped because starts in buildings with 5+ units dropped 13% from August; whereas, starts on single family homes increased 4.8% from a year ago.
• NAR reported that existing home sales across the country dropped by 3.4% in September from August to an annualized pace of 5.15 million homes. Year over year sales are down 4%.
• Nationally, inventory levels are up 1.1% from last September and we have 4.4 months of supply of homes for sale.

Rate Update–

• Conventional 30 year 5.125%/APR 5.242%
• FHA 30 year 4.875%/APR 5.815%
• FHA 30 year with a 580 Fico Score 5.50%/APR 6.804%
• FHA 30 year with a 550 Fico Score 5.875%/APR 7.054%
• VA 30 year 4.875%/APR 5.085%
• VA 30 year with 550 Fico Score 5.75%/APR 6.21%
• CHFA First Step (FHA loan) Down Payment Assistance Program 30 year fixed at 5.125%/6.165%
• CHFA Conventional Down Payment Assistance Program 30 year fixed at 5.375%/APR 5.970%
• Conventional 3% down with NO PMI 5.75%/APR 5.923%
• Jumbo 30 year 4.75%/ APR 4.867%
• Jumbo 7/1 ARM 4.25%/ APR 4.25%