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Markets in a Minute – 7/11/2014

For the Week Ending July 11, 2014


Rates responded favorably to Fed minutes released this week. The FOMC expects to wind down quantitative easing on schedule, ending in October.
The number of part-time workers who would prefer full-time jobs jumped in May. Weak wage growth keeps inflation in check and little pressure on rates. 
According to Gallup, Americans reported spending less in June for the first drop of the year. Waning consumer spending may provide further support to rates.

Fannie Mae’s monthly housing survey found more people encouraged about the prospects of financing a home, but also more worried about increasing rates.
While the Fannie Mae survey shows that housing confidence is up, it’s not enough yet to normalize the market. Fannie Mae economists look for that in late 2016.
Realtor.com found shrinking inventories and higher home prices in June. Gains were smaller and more evenly spread across markets than last year. 

A man complains to a friend, “I can’t take it anymore.”
“What’s wrong?” his concerned friend asks.
“It’s my bank. Every time I apply for a loan, they get historical!”
“You mean hysterical,” his friend says, chuckling.
“No, I mean HISTORICAL,” the man insists. “Every time I talk to them about a possible loan, they say ‘We still remember that time when we had to charge off ….'”

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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