Weekly Mortgage Update: November 20th, 2017
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FIRST TEAM’S WEEKLY MORTGAGE WATCH (NOVEMBER 19TH, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates stepped slightly higher last week on mostly positive economic data mixed with some additional political uncertainty.
- Retail Sales posted a 0.2% increase, while Industrial Production powered ahead by 0.8%.
- Inflationary data revealed a continuation of upstream price pressure in the Producer Price Index, but not much is flowing through to the consumer level.
- A few analysts are talking a bit more about the potential for inflation to flare in the coming months, but most experts don’t expect any dramatic increases.
- All interest rates are very likely to increase, especially if the Fed continues even small rate increases, along with the slow unwinding of its massive portfolio.
- The wide variances in the Senate and House tax plans, including the impact of housing also created some additional uncertainty, which may have generated a little extra upward pressure on rates.
- The most important economic news of this week could be the Fed’s latest meeting minutes. If we see hints of a few more governors taking more hawkish stances, then rates would likely move upward.
IT’S A SELLER’S MARKET, BUT WHERE ARE THE SELLERS?
According to ValueInsured’s latest, Modern Homebuyer Survey, 79% of homeowners believe that now is a good time to sell. However, many are reluctant to put their home on the market. 72% of those who are interested in selling are concerned with “timing the real estate market.” Almost two in three believe that now is a good time to sell, but also believe that it is a bad time to buy. 61% are holding on and “waiting until prices to buy are better to make a move.”
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