Weekly Mortgage Update: 09/05/2017′
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FIRST TEAM’S WEEKLY MORTGAGE WATCH (SEPTEMBER 3RD, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Last week saw mortgage rates creep slightly downward, even with some strong economic news.
- The ISM Manufacturing Index surged higher, and Consumer Confidence stepped upward again.
- This was coupled with GDP being adjusted upward more than expected to a solid 3.0% for the 2nd quarter. However, other data and news helped pull rates downward.
- The number of new jobs created in August fell short, and the two previous months were notched downward.
- Inflation continues to be so negligible, that odds of the Fed raising rates again this year are sliding downward.
- All of this comes against the backdrop of North Korea testing another nuclear weapon and concerns regarding the impact of Hurricane Harvey. Partially due to these events, investors shifted money into the relative safety of US Treasuries and bonds, even though the events may have limited economic impact.
- This week is much lighter on the economic front, and with most of the critical monthly data behind us, rates are more than likely to drift about, in a very tight range, unless something dramatic happens.
PRESSURE FOR ALTERNATIVE CREDIT SCORING MOUNTS
America’s Homeowners Alliance, a coalition of 15 housing and finance associations, is ramping up the pressure on the Federal Housing Finance Agency (FHFA) to approve the use of alternative credit scoring models at Fannie Mae and Freddie Mac. The FHFA appears to be pushing out the date that the models could be implemented. The Alliance believes that implementing the alternative models could help stem the decline in the homeownership rate of some groups.
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