Weekly Mortgage Update: October 30th 2017′
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FIRST TEAM’S WEEKLY MORTGAGE WATCH (OCTOBER 29TH, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates moved upward last week, as economic news continued to point toward improving economic conditions.
- For the first time since 2014, GDP posted back-to-back increases of 3.0% or better.
- New Home Sales blew by expectations, growing 18.9%. Additionally, announcements from the European Central bank bolstered the view that their economy is also on a solid recovery track.
- This week is a big week for economic data and events. Consumer Confidence, ISM Index, and the monthly employment report are all due against a backdrop of a Fed meeting and the potential for an announcement of the next Fed Chair.
- There is almost zero expectation of any change in interest rates from the Fed, buts odds for a December increase have moved to nearly 100%.
- After last month’s surprise drop in new jobs for September, many analysts are expecting a significant revision upward into positive territory or an outsized increase in new jobs for last month.
- If that fails to materialize, then we may see any upward rate trajectory slowed, and market optimism muted somewhat.
PLAN NOW TO AVOID THE DOUBLE WHAMMY
This hurricane season provided a painful reminder that things don’t always go as planned. Sadly, many people only discover what their homeowners’ policy doesn’t cover after they need to make a claim. From natural disasters to sewer backups to rotten odors, it’s best to know where the gaps are in your coverage and fill them, before you need it.
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