Mortgage Applications rose 2.8% for the week ending September 21st. Not surprising given the extremely attractive rate environment we’re in right now. Refinances continue to lead the way, now accounting for 81.2% of all mortgage volume. Purchases were up 0.7% for the week.
New Home Sales were down slightly in August, but remain elevated and will no doubt continue to trend higher as we enter the fourth quarter and into 2013.
Regional housing fundamentals continue to strengthen as well, and the housing market is finally reaping the benefits of these low mortgage rates.
Weekly Jobless Claims were better than expected on Thursday, with claims dropping by 16,000 for the week.
Thursday also brought us weaker than expected Durable Goods and revised GDP numbers, indicating that the third quarter is likely to finish much weaker than many expected. Overall the Triangle market is in great position as we begin the Triangle Parade of Homes Tour this weekend. If you’re in the market for a New Home, make sure that you check out all of the incredible craftsmanship that our Triangle Home Builders are displaying over the next three weekends.
For a list of all of the Parade of Homes details here in the Triangle, make sure you check out the following websites. www.paradeofhomeswake.com and www.hbadoc.com The two sites cover a listing of activities for Homes in Wake, Durham, Orange and Chatham Counties. The Tour covers the following weekends… September 29-30, October 5-6 and October 12-13. Enjoy!