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Markets in a Minute

Markets in a Minute | June 1, 2018

 

First quarter economic growth was solid though slightly lower than expected at 2.2%. An improving economy can pressure rates higher.
Mortgage rates improved as overseas investors took to the safety of U.S. bonds. Political turmoil in Italy was the largest catalyst as their markets crashed.
Consumer spending increased in April, amid rising inflation. Inflation and a strong labor market will likely lead to a Fed rate increase at June’s FOMC meeting.

 

Home price gains may be slowing down as mortgage rates creep up. March prices were unchanged compared to February, according to Case-Shiller.
Even still, values rose 6.5% nationally over last year. Housing prices are now 7.8% above their previous peak during the housing boom of 2006.
Pending home sales fell 1.3% in April compared to March. Most economists blame low inventory rather than slightly higher mortgage rates as the cause.

 

I used to be a banker, but then I lost interest.

 

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.

Markets in a Minute | May 25, 2018

 

Minutes released this week from last month’s Fed meeting point to a policy rate increase in June. However, mortgage rates likely won’t be affected.
Inflation is showing signs of increasing, but the Fed isn’t too concerned yet. They indicated a temporary period of higher inflation would still be ok for the economy.
The labor market continues to tighten, with unemployment at a 17-year low of 3.9%. A strong labor market is supportive of a Fed rate increase in June.

 

Sales of new single-family homes fell slightly in April but were higher than expected. Economists blame the drop on lack of inventory.
Home prices continue to rise, according to the FHFA Housing Price Index. However, the rate of increase has slowed compared to previous months.
Mortgage applications were down again last week, but refinance applications were most affected. Purchase applications were still 3% higher than a year ago.

 

 

Best “Out of Office” email auto replies…

 

1. I am currently out at a job interview and will reply to you if I fail to get the position.

2. I’m not really out of the office. I’m just ignoring you.

3. You are receiving this automatic notification because I am out of the office. If I were in, chances are you wouldn’t have received anything at all.

4. Sorry to have missed you, but I am at the doctor’s having my brain removed so that I may be promoted to management.

5. I will be unable to delete all the unread, worthless emails you send me until I return from vacation on 4/18. Please be patient, and your email will be deleted in the order it was received.

 

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.