Stocks are up this morning after the previous Fed Chairman, Janet Yellen, was appointed by President Elect Biden as our next Treasury Secretary. It seems like the market liked the fact that we will have such an experienced person in the treasury seat as the S&P is up over 150 bps.
As we talked about yesterday, this is a big news week! Appreciation did not disappoint coming in at 7% YTD across the US according to Case-Shiller while homes with exclusively conventional loans are up 9% YTD according to the FHFA. One of the biggest factors that has led to the massive amount of appreciation is the lack of supply across the market. Housing bulls are relying on a continued tight supply to fuel appreciation. Good news for them – single family building permits held flat in October opposed to the growth that we have seen throughout the pandemic, hinting at the fact that they may stay low throughout the winter. Bulls believe this will drive supply lower and appreciation higher.
We talked about this yesterday but I want to make sure everyone sees it, tells their family or tells their dog – we are once again able to refinance while paying for the clients fees in many cases if their rate is over 2.99%. You can click on our Find Your Best Rate Tool to see if we can save you some money!
Have an awesome day!