Mortgage Update – January 31, 2017

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

    ONE

    Although down 3% from November, December Existing Home Sales finished up 2016 at the highest level since 2006.

    TWO

    Inventory continues to be the biggest issue. Existing Homes Available for Sale at the end of December fell 11% from November to a 3.6-month supply and 6% lower than a year ago.

    THREE

    The 2016 Median Existing-Home Price finished the year 4% higher than the previous year.

    FOUR

    December New Home Sales declined 10% from November and much more than expected. However, total 2016 Home Sales were up 12% over 2015.

    FIVE

    The appraisal remains one of main things that can wreck a real estate transaction, especially when the mortgage company relies on a national Appraisal Management Company.

    SIX

    At Shelter, we have long-standing relationships with the best, full-service appraisers who work only the local markets they know. Our appraisers always go the extra mile.

     

    RATE UPDATE

    The European Central Bank appears to be close to winding down its bond purchase program, which most likely will put pressure on U.S. mortgage rates. Last week, the net effect of comments from the Trump administration and economic data was small, and mortgage rates did not change.

    THIS WEEK

    It’s a very busy week with the Fed meeting on Wednesday and the Employment Report due out on Friday. Pending Home Sales and the Core PCE Price Index are due out today, the ISM National Manufacturing Index on Wednesday, and the ISM National Services Index 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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