Mortgage Update – August 2, 2016

    The Six Most Important Things You Need to Know From the Mortgage World this Week.

    ONE

    The Federal Reserve elected to leave short-term interest rates unchanged at last week’s meeting.

    TWO

    The Fed report was less upbeat than expected but recognized strength and growth in both the labor market and consumer spending.

    THREE

    Consumer spending was higher than expected in the second quarter, but business investment and the overall GDP both lower than expected.

    FOUR

    Housing remains strong. June New Home Sales were the best in about eight years and Pending Home Sales also showed a small increase.

    FIVE

    First-time home buyers now account for 33% of existing home sales, the highest percentage since July 2012.

    SIX

    Housing has been a lead driver of economic growth for the last five years and could easily remain in the driver’s seat for the next five years!

     

    RATE UPDATE

    Mortgage rates fell last week mostly due to a lackluster Fed report and disappointing GDP data (third straight quarter of growth below 2.0%).

    THIS WEEK

    The ISM National Manufacturing Index is due out on Monday, Core PCE Price Index on Tuesday, ISM National Services Index on Wednesday, and Employment figures on Friday.

     

    Jim Scheu
    NMLS# #659050 GA #51170
     
    Senior Loan Officer
    Shelter Lending Services
    5780 Windward Pkwy, Suite 100
    Alpharetta, GA 30005
     
    Visit my Website
    Mobile: 404.906.6010
    Fax: 610.629.6369
     

    If you have questions about your mortgage needs, please contact our preferred mortgage lender – Jim Scheu with Shelter Lending Services at 404.906.6010 or click the blue banner just below to send him an email.

     
    I HAVE QUESTIONS – CONTACT ME TODAY
     
     
    The material is intended for licensed mortgage professionals only and is not an extension of credit. Information contained in this document is subject to change without notification. ©2016 Shelter Lending Services, LLC is an Equal Housing Opportunity Lender. NMLS#1033753 (www.nmlsconsumeraccess.org). This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to underwriting and property approval. 695 Mansell Road Suite 200, Roswell, GA 30076. James Williamson NMLS# 552530, AL:#59117, GA:#36174, TN:#120865. Georgia Residential Mortgage Licensee # 38779.
     
     

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