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Weekly Mortgage Update: 01/23/2018

January 24, 2018dillonBlog0

WEEKLY MORTGAGE UPDATE – JANUARY 23, 2018

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FIRST TEAM’S WEEKLY MORTGAGE WATCH (JANUARY 21ST, 2018) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:

  • Mortgage rates continue to move upward as the third-longest economic expansion on record powers along.
  • With global economies also growing, major interest rates are all trending upward.
  • Last week, average 30-year mortgage rates stepped over 4%.
  • The cold winter weather helped propel Industrial Production numbers higher than expected, and weekly jobless claims fell to a 45-year low.
  • Market sentiment remains on the positive side, with equities on a march to set new high after new high.
  • With the long-held axiom that markets hate uncertainty, one might believe that the government shutdown would hurt equities, drive more cash into the relative security of treasuries, and pull rates downward. However, it appears that markets have simply accepted that Washington is dysfunctional.
  • Should the week’s economic news prove to be positive, we are very likely to see rates continuing to step upward. This would be especially true if Congress can get a deal in place to fund and reopen the government, and especially true if the week ends with GDP coming in over 3.0%.

FORECLOSURE RATES ARE DOWN

Across the US, the foreclosure rate has been steadily heading downward. On a national basis, the foreclosure filings, which include default notices, scheduled auctions, and bank repossessions dropped to a 12-year low. In 2017, only 676,535 properties faced foreclosure, compared to almost 3 million in 2010.

Weekly Mortgage Update: January 14th, 2018′

January 17, 2018dillonBlog0

WEEKLY MORTGAGE UPDATE – JANUARY 14, 2018

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FIRST TEAM’S WEEKLY MORTGAGE WATCH (JANUARY 14TH, 2018) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:

  • Mortgage rates moved upward last week.
  • Economic news continues to point toward solid economic growth both here and abroad, with some signs that inflation may finally be taking hold.
  • Retail Sales grew 0.4%, right in alignment with expectations.
  • While both the Consumer and Producer Price Indices’ headline numbers were soft, the core readings revealed some increasing price pressures.
  • International news also pressured rates upward. The European Central Bank has tagged September as the end of their quantitative easing program, and Japan is showing signs of ending its long program of holding rates at zero.
  • Markets got a little spooked when news broke that China, the world’s largest investor in US treasuries, was considering trimming its purchases. Chinese officials denied the news.
  • This week would easily see rates continuing to march slowly upward, especially if we see Industrial Production numbers beat predictions.
  • Additionally, if weekly jobless claims drop back below 250K, easing labor market concerns, mortgage rates will feel even more pressure to climb higher.

SOCIETAL OCD KICKING IN THE KITCHEN

The 2018 U.S. Houzz Kitchen Trends Survey revealed that the number one priority in the kitchen is storage. While we love our kitchen gadgets, tools, and appliances, clutter in the kitchen seems to be driving us crazy. The growth in sales of recycling baskets, cookie sheet organizers, revolving corner trays, drawer organizers, and pull-out or swing-out trays and shelves supports these results. Runners-up for kitchen priorities include easy-to-work in, entertain in, and clean.

Weekly Mortgage Update: January 7th, 2018

January 8, 2018dillonBlog0

WEEKLY MORTGAGE UPDATE – JANUARY 7, 2018

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FIRST TEAM’S WEEKLY MORTGAGE WATCH (JANUARY 7TH, 2018) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:

  • Mortgage rates launched into 2018 with a small dip. Despite another week of mostly positive economic data, rising stock markets, and many other interest rates moving upward, mortgage rates moved slightly downward.
  • While much hay was made over the under-expectations employment report, the sub-par 148,000 new jobs number will likely be revised higher in the coming months, as December’s data is often incomplete.
  • The ISM reports split direction with manufacturing surging ahead and services cooling. Both remain well on the “expansion” side of their equations.
  • Some of the trepidation of raising mortgage rates may have come from the minutes of the last Fed meeting.
  • There was ample concern about how the tax bill may impact the economy, which adds to future uncertainty.
  • This week is likely to see rates working to move upward. However, the lack of growing inflationary pressure seems to be significantly helping hold rates in check.
  • If the Producer and Consumer Price Indices reveal another month of non-threatening prices increases, rates could even dip slightly.

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