GDP: GDP numbers for the third quarter were revised up, placing the final number at 3.9%. This is down from 4.6% economic growth in the second quarter, but beat estimates of 3.5%. The slowed growth is partly attributed to autumn weather changes.
FHFA HPI: Fannie and Freddie reported home prices were flat in September after a 0.4% rise in August. A 0.4% uptick had been expected, but this is still 4.3% better than September of last year.
S&P Case-Shiller HPI: Home prices in the 20-city survey were up 0.3% from August. The year on year trend fell seven-tenths of a point to 4.9%. The strongest price increases were seen in Atlanta, Charlotte and Miami with a 1.2% rise in each city.
Consumer Confidence: Consumer confidence fell from a recovery best 94.1 in October to 88.7 in November. This is blamed on decreased confidence in both the present and future jobs market. Meanwhile, inflation expectations were down to 5.2% due in part to decreased gas prices.
MBA Purchase Applications: Purchase applications were down 4.3% last week. The four-week average is down 10.0% year on year. This indicator has been volatile, as purchases were 12% the week before. Meanwhile, refinances fell 4.0%.
Durable Goods Orders: Durable goods orders were up 0.4% in October after declining 0.9% in September. The biggest gains occurred in defense aircrafts, which jumped 45.3% from September. Motor vehicle orders were also up 0 3%. Computer and electronics industries also saw increases. There were declines in primary and fabricated metals, as well as electrical equipment.
Jobless Claims: Initial jobless claims were up 21,000 last week to 313,000, the highest numbers seen since early September. The four-week average was up 6,250 to 294,000. Continuing claims were 17,000 lower, dropping to 2.316 million. The four-week average is down to 2.352 million.
Consumer Sentiment: Consumer sentiment fell from a midmonth reading of 89.42 to 88.8. Current conditions readings were at 102.7, up from October’s 98.3. Expectations for November were up to 79.9 from 79.6. Inflation expectations were down, the result of dropping gas prices.
New Home Sales: New home sales rose just 3,000 in October to a lower-than-expected 458,000. This comes on the heels of September numbers that were 12,000 lower than initially reported. Sale prices searched 16.5% to a median price record of $305,000. Market supply is currently at 5.6 months.
Pending Home Sales: Pending home sales were down 1.1% in October after rising 0.6% in September. Sales in the Northeast were up 0.5% while the Midwest, South and West experienced drops. The index was up 2.2% year on year.
The 30-year fixed mortgage rate was down slightly last week, while all other rates remained flat.
30-year fixed-rate mortgage (FRMs) averaged 3.97% with an average 0.5 point for the week ending November 26, 2014, down from last week when they averaged 3.99%. A year ago at this time, 30-year FRMs averaged 4.29%.
15-year FRMs this week averaged 3.17% with an average 0.5 point, unchanged from last week. A year ago at this time, 15-year FRMs averaged 3.30%.
5-year Treasury-indexed hybrid adjustable rate mortgage (ARMs) averaged 3.01% this week with an average 0.5 point, unchanged from last week. A year ago, 5-year ARMs averaged 2.94%.
1-year Treasury-indexed ARMs averaged 2.44% this week with an average 0.4 point, unchanged from last week. At this time last year, 1-year ARMs averaged 2.60%.
The Dow Jones Industrial Average closed Friday at 0.49 points to finish at 17,828.24. The S&P 500 dropped 5.25 points Friday to finish at 2,067.58. Despite this, both the Dow and S&P again had record weeks. The NASDAQ was up 4.31 points to close at 4,791.63.
The Week Ahead
Wednesday, December 3
MBA Purchase Applications (7:00 a.m. ET) – The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
Thursday, December 4
Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing trend suggests a deteriorating labor market. The four-week moving average of new claims smooths out weekly volatility.
Friday, December 5
Employment Situation (8:30 a.m. ET) – The employment situation report measures unemployment in the labor force as well as the sentiments of workers about the job market.
International Trade (8:30 a.m. ET) – International trade is composed of merchandise (tangible goods) and services. It’s available by export, import and trade balance for six principal end-use commodity categories and for more than 100 principal Standard International Trade Classification system commodity groupings.
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