|For the Week Ending June 9, 2017|
The stock market couldn’t be flatter through the first four trading days of the week. The Dow began the week at 21,183, and closed at 21,182 yesterday. There have been some momentary jumps up and down during the
Could even more life be coming back into the housing market? That is the question many are asking based upon the Mortgage Bankers Association latest loan application report. For the week ending June 2nd, purchase
The first-time jobless claim numbers seem to just be staying put at a very low level. The latest report for claims was at 245,000. This is down by 3,000 from the prior week. Overall claims have been remaining in
The latest JOLTS Report, (Job Openings and Labor Turnover Report), shows that job availability continues to greatly outpace hiring. There were an estimated 1 million more jobs available than positions filled in the
The ISM non-manufacturing index came in just about as expected. At a level of 56.9, this is considered a very solid rate of growth that shows business activity remains strong. Hiring in this sector has grown as there
Finally, are consumers becoming more adverse to borrowing? The latest April data on credit growth shows that consumers seem to be borrowing less. Non-revolving debt which rose 6.7 billion, is the lowest reading in
Next week’s potential market moving reports:
• Monday June 12th – 10 Year Note Auction
As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can.
Please enjoy this quick update on what happened this week in the housing and financial markets.
|The labor market continues to show strength, with this week’s jobless claims below the 300,000 threshold for the 118th straight week and unemployment at 4.3%.|
|Recent data indicates that inflation is still below the Fed target of 2%, coming in at 1.5% in April. The Fed is expected to raise policy rates next week
|Although a Fed policy rate increase next week is likely, that won’t necessarily drive mortgage rates higher. The Fed doesn’t control mortgage rates directly.|
|Home prices continue to soar, with low inventory causing bidding frenzies in some metro areas. Home-price growth is currently even outpacing rent gains.|
|According to NAR, 47% of consumers said it was a good time to buy a home, and 39% said it was a good time to sell. Both figures are up from a year ago.|
|Fannie Mae will ease income requirements in July, paving the way for more new buyers to qualify. Millennials with student debt are expected to benefit most.|
A banker, an accountant and a real estate agent all become homeless and decide to live under a bridge.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These
American Family Funding
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Santa Clarita, CA
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