11/16: MetroIntelligence Economic Update by P. DUFFY

October retail sales rebound 0.8 percent from September and 4.6 percent year-on-year

Retail sales rebounded sharply in October, following two months of small declines.  Advance estimates of U.S. retail and food services sales for October 2018 were $511.5 billion, an increase of 0.8 percent from the previous month, and 4.6 percent above October 2017.

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3Q 2018 mortgage delinquencies fell 41 basis points year-on-year to 4.47 percent

The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 4.47 percent of all loans outstanding at the end of the third quarter of 2018, up 11 basis points from the previous quarter, but down 41 basis points from one year ago. The percentage of loans on which foreclosure actions were started dropped one basis point from the last quarter to 0.23 percent – its lowest level since the fourth quarter of 1985.

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Mortgage applications fall to lowest level since December 2014 in weekly update

The Market Composite Index decreased 4.0 percent on a seasonally adjusted basis from one week earlier to the lowest level since December 2014, with purchase loans falling 5.0 percent and refinance activity down 3.0 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.15 percent from 5.11 percent.

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