Daily Rundown
November 12, 2026
Chart of the Day
Number of the Day
4
The average 30-year mortgage rate has fallen for four straight weeks and now stands at a seven-week low 7.2 percent
Quote of the Day
“This winter, we are flying less than we had planned by probably about 8 percent because of the cost of fuel, because of the drop in demand in the winter schedule.”
Virgin Atlantic CEO Corneel Koster
Wednesday’s Highlight
Mortgage purchase applications (week of 10/31) rose by 7.5 percent, the largest increase since April.
Quick Commentary
This could be the rare Federal Reserve tightening cycle that benefits the housing market given its potential to rein in inflation expectations and put a lid on long-term rates. Long-term yields typically rise when the Fed is hiking benchmark rates, but there is some scope for them to remain in check in this case after they uncharacteristically moved higher during the easing cycle of 2024-25. Still, it is unlikely that housing will approach anything close to normal anytime soon; even after the big increase last week, mortgage purchase applications are still off by nearly 60 percent since hitting their high for the cycle more than five years ago.
Today’s Highlights
Unemployment claims
Existing home sales
Daily Rundown
What product, which was inspired by a 1945 war movie, was such a hit that it accounted for roughly two-thirds of its parent company’s sales within two years of its introduction at the New York Toy Fair in 1964?
(Wednesday’s Question: What term for a self-employed person originated with the knights and soldiers whose weapons were not sworn to any king, lord, or feudal oath? Answer: Freelancer)