Mortgage Update – October 18, 2016

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

    ONE

    Metro Atlanta residential real estate closings were up 8.7% for the first nine months of this year compared to 2015.

    TWO

    The average Metro Atlanta sales price is up 4.9% over last year and on track to beat the record level of 2006.

    THREE

    Metro Atlanta home values are now up 60% from the March 2012 bottom. (Case-Shiller Index)

    FOUR

    After two months of declines, Retail Sales, minus the volatile auto component, rebounded nicely in September and were up .5% from August.

    FIVE

    The Retail Sales figures are very important as consumer spending accounts for nearly 70% of U.S. economic activity.

    SIX

    The latest data on weekly jobless claims was also encouraging as the number of people applying for unemployment benefits matched the lowest level since 1973.

     

    RATE UPDATE

    After increasing the week before, mortgage rates saw little net change last week. There were no surprises in the Fed minutes or from other central banks. The major economic data mostly matched expectations and had little impact.

    THIS WEEK

    Industrial Production is due out today, the Consumer Price Index (CPI) on Tuesday, Housing Starts on Wednesday, and Existing Home Sales on Thursday. The next European Central Bank (ECB) meeting will also take place on Thursday. Any guidance on future monetary policy could have an impact on global markets.

     

    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.
     
     

    Trackback from your site.

    Leave a Reply