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The top takeaway from this week's market performance is the effect that the volatility had on the overall mortgage markets. With a lower market came lower rates, with the major economic news released throughout the week seeming to have little effect. The mixed data didn't seem to move markets either way in any significant form. Strong earnings and GDP growth pushed yields lower and brought mortgage rates down. Analysts maintained their weaker outlook for overall global growth in spite of the release of some strong economic data.
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Strong economic data released this week has unsurprisingly pushed rates upward. The expected result of the continued strong employment and wage data has helped to push mortgage rates higher. In fact, this week saw rates surpass heights that they have not seen in years. None of which is good news for rate watchers.
Active duty military personnel, reservists, members of the National guard, and certain categories of spouses are eligible for VA mortgages in Lehigh Acres. However, you will want to work with a VA broker who has experience dealing with these specific types of loans. That’s why you need to work with Core Mortgage Financial.
This week saw two impactful economic news stories: the Fed meeting and rate increase on Wednesday and the analysis of the inflation data that was released on Friday. Mortgage rates reacted favorably overall and finished the week down slightly.
The European Central Bank meeting and U.S. economic data this week was full of positive news, but saw a slight surge on mortgage rates. Additionally, inflation data released saw a minimal effect to the market. The CPI, a report on inflation, went up to 2.2% - a value lower than last month’s 2.4%
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Naples, Fla. (September 14, 2018) - Closed sales of properties during August increased 5 percent to 719 homes from 685 homes in August 2017 according to the August 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Inventory during August also rose by 2 percent and was driven by a surge of 218 more properties added to the market in the two lowest price categories reported, compared to August 2017.
The economic data that was released this week was the primary factor that affected the mortgage rates. However, the data portrayed a stronger than expected outlook on manufacturing, wages, and services that led to a slight increase in mortgage rates