Stocks Jostled by Tech Losses; Treasuries Rally: Markets Wrap
Yahoo Finance – 10/26/2022
U.S. stocks dropped as investors parsed fresh economic data and disappointing earnings while mulling the Federal Reserve’s path after the Bank of Canada announced a smaller-than-expected rate hike.

Housing slowdown: New home sales fell 10.9% in September
CNN Business – 10/26/2022
Sales of newly constructed homes dropped 10.9% in September from August and were down 17.6% from a year ago, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Young Americans Seen Failing To Match Baby Boomers’ Wealth Gains
Financial Advisor – 10/26/2022
A new study shows that it will be hard for the young to copy the baby boomers’ stock market and housing success.

INDUSTRY NEWS

Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Bankers Association – 10/26/2022
Mortgage applications decreased 1.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending October 21, 2022. 

Refinance dollar volume plummet as incentives vanish
Mortgage Professional America – 10/26/2022
Fannie Mae reported a 17.7% decrease in the dollar volume of refinance applications for the week ending October 21. 

Slowing House Price Appreciation Expected to Continue
MReport – 10/26/2022
The housing market is adjusting to the decline in affordability as the hot sellers’ market during the pandemic transitions in favor of homebuyers.

Distributed by Carrington Communications.