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Weekly Mortgage Update: (06/05/2017)

June 6, 2017dillonBlog0

WEEKLY MORTGAGE WATCH – JUNE 4, 2017

Click here to download the PDF.

FIRST TEAM’S WEEKLY MORTGAGE WATCH (JUNE 4TH, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:

  • Mortgage rates slipped slightly as last week ended. 
  • While the ISM Manufacturing Index managed to squeeze out a slight increase, the rest of the week’s economic data told a tale that we’ve been hearing for some time – slow growth.
  • Friday’s employment report sported another drop in the unemployment rate, but it was due to folks leaving the workforce. Only 138,000 new jobs were created last month, and both April and March’s numbers were revised downward by a total of 66,000.
  • Consumer Confidence remains elevated, but slid a bit more, as consumers notched down future expectations.
  • This week is slim in terms of economic data points, but other factors could play heavily into financial markets’ volatility.
  • If the ISM Services Index remains mostly flat, it may help to anchor rates a bit. However, the political drama playing out in Washington and Europe could sway rates.
  • Former FBI Director Comey’s testimony, a snap election in the UK, and a meeting of the European Central Bank could make traders jittery, and the more uncertainty created, the more likely rates are to retreat.

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