Market Update

Dated: 12/04/2017

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Third quarter GDP numbers showed the economy grew by 3.3%, in line with expectations. This was the quickest pace of growth in 3 years.
The likelihood of tax reform being signed into law by the end of the year is increasing. The tax reform is expected to spur economic growth for 2018.
The Fed is expected to raise policy rates this month, but that shouldn't have much effect on mortgage rates. Markets have already anticipated the rate hike.
New home sales in October unexpectedly rose to the highest level in a decade. Single-family home sales rose 6.2% over September, the highest since October 2007.
Home prices rose in September 6.2% over last year and are expected to continue to increase. Prices are rising at the fastest annual rate since June 2014.
Pending home sales jumped 3.5% in October. Led by the hurricane stricken South, the growth was more than double what was expected

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