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Equity Source Mortgage, Inc.
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Your Home Mortgage Lender in Minnesota NMLS#295556
Your Home Mortgage Lender in Minnesota NMLS#295556

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Inflation at the consumer level was somewhat tame in November, due in part to weak healthcare costs and a big drop in apparel prices. The Federal Reserve Bank of the U.S. is expected to raise the short term Fed Funds Rate when the Fed meeting ends later this afternoon. The Mortgage Bankers Association (MBA) reports that mortgage rates were essentially unchanged in the latest week as 2017 comes to a close. #statusquo
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The two-day Fed meeting kicks off on Tuesday and ends Wednesday with the 2:00 p.m.ET release of the Fed statement. The short-term Fed Funds Rate is expected to rise by 0.25% to 1.50%. Rising home prices across the U.S. lifted many underwater mortgages into positive equity between the second and third quarters of 2017.
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The Federal Reserve reports that home equity hit an all-time high in mid-2017 at $13.9T, up $0.5T from the 2006 peak and up $6T from the lowest point in the Great Recession. The Commerce Department reported on Monday that sales of new homes rose to their highest level in 10 years due to strong sales across the country. Shoppers were out in full bloom as they shopped online on Thanksgiving and hit the malls on Black Friday.
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The National Association of REALTORS® reports that Existing Home Sales in October rose 2% from September to an annual rate of 5.48 million annualized units, above the 5.42 million expected. Home improvement chain Lowe's reported better-than-expected earnings in its latest quarter boosted by hurricane-related purchases. Government-sponsored entity Freddie Mac reported on Monday that despite modest economic growth, solid job gains provide favorable conditions for housing and mortgage markets.
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Congress is off for the Thanksgiving holiday, which began Friday. There should be few to no headlines this week on tax reform. According to the USDA, 244 million turkeys were projected to be raised in the U.S. in 2016.
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New construction on homes surged to a one-year high in October due in part to disruptions in September caused by Hurricanes Harvey and Irma. Single-family Housing Starts, which account for the largest share of the housing market, rose 5.3%. Housing Starts on multi-family dwellings of five or more units rose a whopping 37.4% from September to October.
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Weekly Initial Jobless Claims rose 10,000 to 249,000 and above the 234K expected. The November Philadelphia Fed Manufacturing Index fell to 22.7 from 27.9 in October. The Mortgage Bankers Association's (MBA) Michael Fratantoni, chief economist and senior vice president of research and technology, recently said that the MBA believes the 30-year fixed-rate mortgage will rise to 4.6% in 2018, then above 5% in 2019 and 2020. Credit reporting agency TransUnion reports that serious mortgage delinquencies decreased in the past 12-months.
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Retail Sales slowed in October after the big gain in September, which was boosted by post-hurricane spending. Tame consumer inflation data was reported in October after a spike in gas prices pushed the index higher in September. Business activity in the New York region declined in November.
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The October Producer Price Index (PPI) rose 0.4% versus the 0.1% expected, fueled by higher costs for services. The NFIB's Small Business Optimism Index rose to 103.8 in October from 103 the previous month as more owners expect higher sales and think now is a good time to expand. The Mortgage Bankers Association reports that its Builder Application Survey soared 23% in October after plunging 20% in September due in part to hurricanes Harvey and Irma. #small #business #mortgage
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Worries on tax reform along with profit-taking is weighing on Stocks to begin the week as the Dow and S&P snapped an eight-week winning streak closing lower on Friday. U.S. Stocks will see an abundant economic calendar this week which will give the investing community a broad overview of the U.S. economic landscape heading into the holiday season. Despite low inflation, the Federal Reserve is expected to raise the short-term Fed Funds Rate at December’s Federal Open Market Committee meeting. This is the rate at which banks lend to one another overnight.
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