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
Mortgage Rates Slightly Rise as Applications Take a Breather. Secondly investors are shifting to safer assets. To end the week, consumer spending remained strong.
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Conversely, homes sales in the Naples area were up 8 percent in July according to the July 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The nation has only a 4.3-month supply of home inventory, while Naples has a healthier 6.25-month supply of inventory.
Mortgage Market update for August 19, 2018. Turkish high inflation rate has been another consequence of the ailing economy. In a bid to preserve their wealth, many citizens have taken extreme measures such as purchasing gold and other precious metals.