Mortgage Update – July 19, 2016

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

    ONE

    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.

    TWO

    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.

    THREE

    Most investors now think that there will not be another Fed rate hike in 2016.

    FOUR

    After a slow start to the year, retail sales posted a fourth straight month of solid gains in June.

    FIVE

    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.

    SIX

    The peak was 69% in 2003 but Freddie Mac now wonders if the homeownership rate can fall below 50%?

     

    RATE UPDATE

    Investors showed a preference for stocks over bonds last week with economic data having little impact. As a result, mortgage rates ended the week a little higher.

    THIS WEEK

    The NAHB Housing Confidence Index is due out on Monday, Housing Starts on Tuesday, and Existing Home Sales and the Philly Fed Regional Manufacturing Index on Thursday. There will also be a European Central Bank meeting on Thursday which could influence U.S. mortgage rates as well.

     

    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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