Mortgage Market News

The National Association of REALTORS® (NAR) reported on Monday that Existing Home Sales in October declined 3.5% from September to an annual rate of 5.36 million units, lower than the 5.50 million expected. Year-over-year, sales were up 3.9%. The NAR said that the WestERN region was hit the hardest with a near 9% decline. The median home price for all housing types was $219,600, which is 5.8% above the $207,500 recorded in October 2014. Inventories declined to 4.5%.A spokesperson from the NAR said
Fannie Mae released its November Economic and Housing Outlook revealing that it sees economic growth rising the fourth quarter of 2015 bringing the yearly total to 2.2% with a slight pickup to 2.4% in 2015. Fannie Mae said that solid consumer spending, an increase in construction activity, home sales and home prices appear poised to offset global headwinds. On the housing end, Fannie Mae expects mortgage rates to rise only gradually through next year, and an improving income trend should support affordability.
Fun facts about Thanksgiving. On December 26, 1941, President Franklin D. Roosevelt signed a joint resolution of Congress changing the national day of Thanksgiving from the last Thursday of the month to the fourth Thursday. The first Macy's Thanksgiving parade took place in New York City in 1924. It featured animals from the Central Park Zoo instead of floats; floats didn't join the route until 1927. The average person consumes 3,000 calories during Thanksgiving dinner. With other meals and snacking included, it can add up to around 4,000 and 6,000 calories.
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