Last week ended with such horrendous news in California that it was a blessed relief how in at least one narrow slice of the news—one of interest to Twin Cities house hunters, among others—there was blessedly very little worrisome to report. Against the grim reality of how November 2018 was beginning in other areas of the news, Twin Cities house hunters could relax for a moment.
This quiet corner of the public space was in what for house-hunters is an area of key concern—the slice of the financial sector focused on home loan originators and the residential mortgage market. The news from that quarter was, in brief, not much news.
The Tuesday election had held a high likelihood of affecting credit markets, and thus, mortgage interest rates. It’s usually true, and The Mortgage News Daily thought that the quiet on Monday “suggests traders are waiting to see if other traders care about the election results.” As it turned out, at least by Wednesday, they didn’t.
The MND predicted “Probably One More Day of Waiting for any Election Impact,” but it turned out to be a longer wait than that. On Wednesday a Federal Reserve Board Statement was scheduled for release. Days like that are known in the industry as “Fed Days”—they usually move rates. But what resulted, according to Mortgage News, was only “movement…that looked small if viewed by anything less powerful than a microscope.”
And so it went. Twin Cities mortgage rates remained in historically lower-than-average territory when you take the past 40 years into account. Such good news for Twin Cities house hunters looked to remain the case for a little while. As the week closed, the Mortgage News lead headline was “Mortgage Rates Steady Ahead of Holiday Weekend.” Especially compared with the rest of the news, it was a no news/good news situation.
In the meanwhile, for any and all your Twin Cities real estate needs, we hope you’ll remember to give RE/MAX Preferred me a call!