• 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%