Mortgage Update – August 16, 2016

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

    ONE

    Retail Sales have been very strong this year but were much lower than anticipated in July, despite strong car sales.

    TWO

    Consumer spending accounts for about 70% of U.S. economic output, so the Retails Sales figure is critical to the economy.

    THREE

    Retail Sales were one of the bright spots for the economy in the 2nd Quarter, so investors will be watching this very closely throughout the fall.

    FOUR

    Foreclosure inventory declined yet again in June to the lowest rate since August 2007 and are down 19% over a year ago.

    FIVE

    The median existing single-family home price increased in 83% of measured markets in the 2nd Quarter.

    SIX

    Supply levels continue to hold back real estate sales. National listing inventory is hovering around 4.7 months.

     

    RATE UPDATE

    Slower economic growth reduces the outlook for future inflation, so the slow Retail Sales data was positive for mortgage rates.

    THIS WEEK

    The Consumer Price Index and Housing Starts are due out on Tuesday. In addition, the minutes from the July 24th Fed Meeting will come out on Wednesday.

     

    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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