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.
Borrowers can receive up to $50,000 beyond the original purchase price to apply towards home improvements, including luxury items like pools or kitchen upgrades. The choice is in the hands of the home buyers. The amount you can borrow is equal to the cost of the home after all improvements are complete.
Borrower sends a large gift basket of goodies for our entire team!
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.
During winter most homeowners make certain adjustments in their houses to cope with the cold weather. Your house needs to be warm and comfortable. It’s paramount to prepare early. Are you prepared?
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The most significant piece of economic data released was the updated Consumer Price Index (CPI), which is one of the most heavily watched inflation indicators. There will be additional major reports coming out in the next week. This week, retail sales, industrial production, and housing starts will all be released, which could have an impact on mortgage rates.
The week was rife with economic activity that included the release of significant data and a Fed meeting. But other than closing with a slight spike in mortgage rates, it was relatively surprise-free. In the Fed meeting, officials did state that economic activity "has been rising at a strong rate" since the June meeting. They also pointed out that both business investment and household spending have "grown strongly.” The Fed next meets on September 26, when investors anticipate seeing the third increase in federal funds this year. Friday’s Employment report indicated an increase in 157,000 jobs in July, along with 59,000 jobs in prior months. For the year, jobs have increased by an average of 215,000 per month – a significantly higher pace than the 184,000 reported this time last year. As expected, unemployment decreased from 4.0% to 3.9% and average hourly earnings were up 2.7% more than this time last year. Additional activity is expected in the week ahead: The JOLTS report, which gauges job openings and workforce turnover rates, is expected to be released Wednesday. This is key for Fed officials Fed officials, who use the information as part of surveying labor market strength. Wednesday and Thursday Treasury auctions are expected to impact mortgage rates. The Consumer Price Index is expected to be released Friday. The monthly inflation report examines the change in price for goods and services.