The Six Most Important Things You Need to Know From the Mortgage World this Week.
With bond yields dropping so low, investors decided last week that stocks were more attractive than bonds and drove the Dow stock market index to a record high.
As a result, mortgage rates have pushed back up to roughly the same level where they were at the time of the June 23 Brexit vote.
Most investors now think that there will not be another Fed rate hike in 2016.
After a slow start to the year, retail sales posted a fourth straight month of solid gains in June.
The current homeownership rate is 63.5%, the lowest in 22 years and nearing the all-time low of 63% recorded in 1965, when Census first started tracking the statistic.
The peak was 69% in 2003 but Freddie Mac now wonders if the homeownership rate can fall below 50%?
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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.