Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  According to the latest from HUD and the Census Bureau, new home sales decreased 1.9% to 536,000 in October.  Freddie Mac reported an increase in mortgage rates with 30-year rates now at 4.03% and 15-year at 3.25%.  The Mortgage Bankers Association reported a 5.5% increase in mortgage purchase applications from last week.

In The News:

NAHB – “New Home Sales Down 1.9 Percent in October” (11-23-16)

“Sales of newly built, single-family homes fell 1.9 percent in October from a downwardly revised September reading to a seasonally adjusted annual rate of 563,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

CNBC – “U.S. regulator to raise mortgages limits for Fannie, Freddie” (11-23-16)

“The U.S. Federal Housing Finance Agency said on Wednesday it raised the maximum limit on mortgages Fannie Mae and Freddie Mac can acquire in 2017, the first increase since 2006, as home prices have risen above their third-quarter 2007 levels.”

Freddie Mac – “Mortgage Rates Move Higher Headed into Holiday Weekend” (11-23-16)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates moving higher with the average 30-year fixed-rate mortgage topping 4 percent for the first time since 2015.”

Bloomberg – “Treasuries Plunge Sends Yields to 16-Month High on Economic Data” (11-23-16)

“Treasuries plunged along with European government bonds as a gauge of U.S. manufacturing demand surged, while the European Central Bank was said to be considering lending more bonds to prevent a freeze in the repo market.”

Mortgage Bankers Association – “Purchase Applications Drive Increase in Latest MBA Weekly Survey” (11-23-16)

“Mortgage applications increased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 18, 2016.”