The Market Bull – November 7, 2018
The major averages closed with large gains after as expected mid-term election results.
Mortgage activity continues to slip as one would expect with higher rates falling 4% last week. Refi’s slipped 2.5%, purchase apps dropped 5%. The 30-year jumbo loan rate increased to 4.97%.
Seattle becomes the latest real estate market to report very disappointing results. October sales fell 18% from a year ago, while inventory for sale surged 102% from a year ago as well. That said month’s supply remains very low at 2.4.
Consumer Credit missed expectations in September with a 10.9 billion Dollar gain, considerably less than the 16.5 billion expected. Revolving or credit card debt fell .3 billion, a 3rd decline in the last 6-months. Nonrevolving credit essentially student and auto loans advanced 11.2 billion, a rather lackluster figure. Again, higher interest rates discourage credit use, just like housing.
Standard and Poors 500 Index closed at: 2,813.89 up 58.44
NASDAQ finished the day: 7,570.75 up 194.79
Gold ended trading at: $1,227.30 down $1.40