The Six Most Important Things You Need to Know From the Mortgage World this Week.
Federal Reserve Chair, Janet Yellen, referred to the “solid performance of the economy” in a speech last week making a case for an increase in short-term rates.
Many experts predict the Fed will increase rates before the year is out, however, Yellen provided no indication as to the timing of the expected increase in her speech.
July Existing Home Sales dropped 3% from the multi-year high seen in June. This was the first monthly decline since February.
Contracts signed for New Homes jumped 12% in July to the highest level since October 2007, far exceeding expectations.
Millennials have been delaying buying homes but, according to a Harvard University study, the next ten years will show a shift in this trend with Millennial households increasing by 2 million per year.
In all, Millennial-headed households are expected to grow from 16 million in 2015 to about 40 million in 2025, according to the report.
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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.