Weekly Mortgage Update: January 28th, 2018
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FIRST TEAM’S WEEKLY MORTGAGE WATCH (JANUARY 28TH, 2018) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Market momentum and positive economic news continue to press interest rates higher, with little relief on the horizon.
- While the first GDP estimate for the final quarter of 2017 did come in at 2.6%, which was lower than expected, markets shrugged it off.
- We still have two more estimates before the final reading, and other economic data point to upward revisions in the offing.
- Inflation data in the GDP report also point to firming pressures that may push the Fed to more rate increases this year.
- This week is jam-packed with economic news and data.
- Changes in language are expected in the Fed’s policy statement that would push odds of a March rate hike to near 100%.
- While chances of an increase this month are low, an unexpected hike by the Fed would certainly drive all interest rates even higher.
- The ISM Manufacturing Index is expected to slip, but as long as the slip is less than 1.0 point, the impact will be muted.
- Friday’s Employment report could easily send rates even higher if November’s new jobs number is adjusted upward and December’s comes in over 180,000.
ARE OLD BUILDINGS WORTH PROTECTING?
The January 10th demolition in Whitefish, MT of a building designed by architecture legend, Frank Lloyd Wright, highlights the tension between owners and preservationists. The tension often balances between the rights of owners, perceived historical value, potential market value of the land upon which the building sits, and the cost of maintaining or renovating. Unbeknownst to many, even a building on the National Register of Historic Places can be demolished.
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