Pending Home Sales Index – Pending home sales were up 0.3% in September for a growth of 1% from this time last year. Sales have been strengthened by low mortgage rates and an improving job market.
Durable Goods Orders – New factory orders for durable goods were down 1.3% in September. Year on year, orders are up 3.3%.
S&P Case-Shiller HPI – Home prices were down .1% this month. Prices fell in 12 cities out of the 20-city index. Home prices are up 5.6% year on year.
Consumer Confidence – This indicator has hit 94.5, its highest level since the beginning of the economic recovery. This is up from 89.0 in September and surpasses the previous high water mark of 93.4% in August.
MBA Purchase Applications – Purchase applications fell 5.0% for the second straight week. Declining mortgage rates have yet to affect the market. Year on year, applications are down 15%.
GDP – GDP growth for this quarter was at 3.5%. This represented a more modest gain following a jump in the second quarter related to increased activity following severe winter weather.
Jobless Claims – Jobless claims increased by 3,000 to 287,000 for the week of October 25. Despite this, the four-week average is still at a recovery low of 281,000.
Consumer Sentiment – Consumer sentiment reached 86.9 in the final ratings for October. This represents the best numbers of the recovery and the highest level for this index since July 2007.
Mortgage rates climbed higher across the board this week.
30-year fixed-rate mortgages (FRMs) averaged 3.98% with an average 0.5 point for the week ending October 30, 2014, up from last week when they averaged 3.92%. A year ago at this time, the 30-year FRM averaged 4.10%.
15-year FRMs this week averaged 3.13% with an average 0.5 point, up from last week when they averaged 3.08%. A year ago at this time, the 15-year FRM averaged 3.20%.
5-year Treasury-indexed hybrid adjustable rate mortgages (ARMs) averaged 2.94% this week with an average 0.5 point, up from last week when they averaged 2.91%. A year ago, the 5-year ARM averaged 2.96%.
1-year Treasury-indexed ARMs averaged 2.43% this week with an average 0.4 point, up from last week when they averaged 2.41%. At this time last year, the 1-year ARM averaged 2.51%.
The Dow Jones Industrial Average rose 195.10 points Friday to close at 17,390.52, a 2% month-to-month increase.
The S&P 500 was at 23.40 points to close at 2,018.05, gaining 2.3% in October.
The NASDAQ rose 64.60 points to 4,630.74. This is up 3.1% from a month ago and is a multi-year high.
The Week Ahead
Tuesday, November 4
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.
Wednesday, November 5
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.
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, November 7
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.
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