Mortgage Update – September 6, 2016

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

    ONE

    Friday’s Employment report was mildly disappointing with 151K jobs added in August (175K had been expected). The unemployment rate remained at 4.9%.

    TWO

    The ISM National Manufacturing Index also came in lower than expected signaling slowness in the U.S. manufacturing sector.

    THREE

    These two reports did little to settle the question of whether the Fed will raise rates at the Fed’s September 24th meeting (investors have assigned about a 25% chance of a rate hike).

    FOUR

    NAR President, Tom Salone, recently commented that “an issue seen earlier in the housing recovery may be reemerging. Realtors are indicating appraisal complications are appearing more frequently as the reason why some home settlements are being delayed…”

    FIVE

    He continued, “Appraisal-related contract issues have notably risen over the past year, and were the root cause of over a quarter of contract delays in the past three months… Realtors are carefully monitoring this trend.”

    SIX

    It is more important than ever to work with lenders who use only the very best local appraisers.

     

    RATE UPDATE

    Despite the lower than expected Employment and ISM Manufacturing Index figures, mortgage rates have been remarkably flat over the last month and remain unchanged.

    THIS WEEK

    The ISM National Services Index will be released on Tuesday and the Job Openings & Labor Turnover Rates Report on Wednesday. The European Central Bank will also be meeting on Thursday.

     

    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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