The Market Bull – September 25, 2019
The endless parade of on again off again trade war talks and another round of impeachment threat sent the major averages into the close with modest gains. Go figure, increasingly it would seem that the markets, politics and the news cycle have more to do with a 3-ring circus than actual functioning entities.
The Mortgage Bankers Association reports that its Mortgage Activity Index fell 10.1% last week as refi’s plunged 15.2% and purchase apps slipped 3.1%. The 30-year contract rate for a jumbo loan decreased slightly to 4%.
Falling interest rates helped New Home Sales to handily beat expectations in August after they rose 7.1% to 713,000 units annualized. Strong gains in the South and West helped to offset small losses in the Midwest and Northeast. Month’s supply fell to 5.5, about normal. The median price jumped 8.8% for the month to $333,900, a 4-month high.
Standard and Poors 500 Index closed at: 2,984.87 up 18.27
NASDAQ finished the day: 8,077.38 up 83.76
Gold ended trading at: $1,510.70 down $29.50