Mortgage Market News

The Commerce Department reported on Wednesday that Housing Starts in October fell 11% to an annual rate of 1.060 million units versus the 1.173 million expected. October’s numbers hit a seven-month low, but starts remained above the one million mark for seven straight months. This is the longest such streak since 2007. On the brighter side, Building Permits, a sign of future construction, rose 4.1% from September. The data signals a sustainable housing market recovery.
Shares of Apple received a boost this morning after investment banking giant Goldman Sachs said Apple's stock could rise 43% in the next 12 months. Goldman Sachs cited that the iPhone Upgrade Program, Apple Music, and upcoming streaming television products could be a game changer for how the market views the tech giant. The price per share of Apple is currently around $116 and could go to $163, said Goldman Sachs.
The Department of Energy (DOE) recently reported that due to warmer temperatures expected this winter, U.S. consumers will most likely pay less to heat their homes this season compared to last year. For those using propane, expect to see a 27% decline or $767 this season. Homes that heat with oil could see a drop of 15% or $362, while natural gas users will see a savings of 5% or $31. "U.S. households in all regions of the country can expect to pay lower heating bills this winter, because temperatures are forecast to be warmer than last winter and that means less demand for heat," said the DOE's Energy Information Administrator Adam Sieminski.
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