Athen Apaquette

There was lots of data but mostly the markets reacted to the Fed announcement.

Wednesday: August New home sales data shows a slight increase in sales from July’s 629,000 units to August hitting 629,000.

The Fed announced a .25% hike in the funds rate. They foresee 3 hikes in 2019. This news is mortgage friendly, because it means that inflation might be forestalled. Higher borrowing costs means less borrowing, which is the engine that pushes the economy (about 60-70% of our economy runs on consumer spending).

Thursday: The GDP for Q2 at 4.2% was unrevised. Which is unusual. Durable goods at 4.2%, excluding transportation, was up 0.1% – also mortgage interest friendly news.

Friday: Aug income numbers came in 0.3% higher than last month, with the core PCE Index up 0.1%. All together this is nice, benign number helping to keep the mortgage interest rate level calm.

That ended the week. Sometimes quiet numbers are the best numbers.