Weekly Mortgage Update: January 7th, 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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