This week there are several important reports coming out to gauge where the economy is and is going. With the current volatility in the mortgage industry, true knowledge and insight are more valuable than ever, which is why I monitor the market throughout the day and keep you informed of changes that impact you.
Even though the media is saying it’s tough to get qualified for a mortgage I am not finding that to be true. Let me know what I can do to help your clients get qualified! Make it a great week!
Last weeks rates improved slightly as bonds tried to rebound off the previous weeks losses. Philly Fed President is continuing to warn about inflation and it’s possible that fed rate hikes will be coming shortly. This is a good thing for the bond market because mortgage rates should come down. Following that your wallets at the pump should hopefully stay full. See the newsletter below to get some helpful gas saving tips that you can pass along to your clients.
Happy Friday! Please don’t forget to RSVP for the event on Monday morning at 8:30am. RSVP at http://www.DesertFHA.com The flyer is attached. Thank you if you’ve already RSVPed. I’ve got your seat reserved.
New Home sales for June were reported at 530,000–which was far better than expectations of 505,000. In addition, Orders for Durable Goods came in well above expectations and the Consumer Sentiment Index shocked the markets with a very robust reading.
The positive readings are helping to strengthen the US Dollar and even lower Oil prices. As a result of these shifts, a Fed rate hike may be on its way in within the next few months–though probably not at next week’s Fed meeting.
We are off to a great start this week with the up-coming reports for the market. The Fed will be talking about plans to maintain the fed funds rate where it is or to hike it hedging inflation. Remember, if the Fed increase the rates it is good for mortgage pricing and interest rates will go down.
How often do you need to change your oil for the car? It depends, so see the newsletter below.
Oh by the way, I’m never to busy for any of your purchase or refinance mortgage referrals! I am your FHA expert! Make it a great week!
Rates closed the week down on some products and flat on other.
The market is still volatile and rates are changing everyday. Get a Good Faith Estimate from your lender when shopping for a mortgage to understand the costs involved with paying points or not paying points. After coming off the poor performance week in the market mortgage pricing has gotten better this week with a more than 100 bps increase in the market. In other news, oil prices bumped higher once again after news of a potential strike at a Chevron plant in Nigeria, which is Africa’s largest oil producing nation. If oil prices continue on their current path, it may apply selling pressure to both Stocks and Bonds. I’m predicting that if inflation continues to be a concern interest rates will rise.
The markets volatility sure isn’t loosing any gas and slowing down. That’s right take a look at this week’s newsletter which continues to discuss the market volatility and inflation concerns by investors. What will it take to get oil to $100 a barrel down from $130? Some say a fed funds increase.
Also, have you noticed signs that tomatoes are in trouble? The FDA has warned about salmonella in red raw tomatoes. See below.
Make it a great week and stay hydrated out there! IT’s HOT!