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.
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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.
