China, Conventional Mortgage, Halloween
October 23, 2015
Friday – October 23
In an unexpected move, the People’s Bank of China lowered two key interest rates today, which has fueled a global Stock rally. Central banks around the world continue to lower interest rates in an effort to bolster their economies. The move in China comes after yesterday’s signal that the European Central Bank may increase its current stimulus program as it battles weak growth and sagging inflation.
Government sponsored entity and mortgage provider Freddie Mac reported yesterday that the 30-year fixed conventional mortgage rate declined to 3.79% this week, down from 3.82% last week. To obtain that rate, a potential borrower would also have to pay 0.6 in points and fees. Last week, Federal Reserve Governor Daniel Tarullo said the U.S. central bank should not hike interest rates in 2015, which was one of the reasons behind the edge lower in mortgage rates.
On the lighter side. With Halloween fast approaching next week, here are a few facts to chew on. According to the National Retail Federation (NRF), some 157 million Americans plan to celebrate Halloween. The average person is expected to shell out $74.34 this year, compared to $77.52 last year. Total spending in the U.S. should be around $7 billion. Those celebrating Halloween will spend the most on adult costumes at $1.2 billion, while children costumes will ring up to $950 million.