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Ricky Khamis
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360 followers
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Teaching a client the difference of paying cash for their home or investing the difference.
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Newest blog post on having a Yes Sir frame of mind... I hope you enjoy it.
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Mortgage Market Commentary
Mortgage rates returned to moving upward last week on positive economic news and ongoing fretting about inflation. While we’ve only seen a few real flare-ups in inflationary pressure in these last few years, experts continued to wonder when prices will begin to rise. Many factors continue to have analysts shifting their positions, even with some recent moderating of overall economic growth. Retail Sales posted a solid 0.6% increase, while Industrial Production grew 0.3%. News regarding the potential summit and denuclearization of North Korea brought some hope for market stability.
The first estimate of GDP for 2018 is due this week with predictions around 2.0%. If GDP comes in below 2.0% rates might begin to drift downward, but will still face an upward current. News over the weekend hinted that the US might be working toward reducing the probability of a trade war with China. Consumer Confidence will give us some insight into consumer moods. With expectations of a decrease, an increase, especially one that matches Retail Sales would likely push rates even higher.
This Week's Top Economic Reports and Events
Report/Event Date Prior Est Impact
Existing Home Sales 4/23 5.38M 5.57M Limited
Existing Home Sales continue to power forward, although likely constrained by low inventories. A strong reading may push rates upward.
New Home Sales 4/24 618K 631K Limited
Builder sentiment remains strong as tight overall inventories continue to hold prices for new homes at a premium, and will for the near future.
Consumer Confidence 4/24 127.7 126.3 Significant
With Retail Sales notching upward, a surprise increase in Confidence would certainly create some additional strong upward pressure on rates.
Weekly Jobless Claims 4/26 232K 225K Moderate
Ongoing stability of the labor market has absolutely helped the economy continue to grow, and another good reading here will press rates upward.
GDP - 1st Estimate for Q1 4/27 2.9% 2.1% Significant
With most models showing a deceleration in economic growth, a reading over 2.6% would surprise and could push mortgage rates higher.
Quick Article
No Surprise: Student Debt Hurts Home Buying
According to data from the National Association of Realtors, nearly one-fifth of people with student loans who apply for a mortgage are denied due to their debt-to-income ratio being too high. With average student loan debt now climbing over $30,000 per borrower, the odds of buying a home after finishing school are dwindling. More than 80% of potential buyers between 22 and 35 who have not purchased a home, but want to, blame their student debt for not purchasing yet.
Weekly Trivia Question and Answer
True or false: The scoring of the attractiveness of others on a 10 point scale was originally called an Apgar score?
Answer
Totally false.
The Apgar score is a test given to newborns soon after birth. This test checks a baby's heart rate, muscle tone, and other signs to see if extra medical care or emergency care is needed.
The test is usually given twice: once at 1 minute after birth, and again at 5 minutes after birth. Sometimes, if there are concerns about the baby's condition, the test may be given again.
Apgar stands for "Appearance, Pulse, Grimace, Activity, and Respiration."
Learn More
https://en.wikipedia.org/wiki/Apgar_score
Bonehead of the Week
A “too dumb to be a criminal” bonehead award goes to a soon-to-be-identified man in St Marys GA. Most thieves know that part of the secret to getting away with a crime is to keep your identity hidden. A mask is often the means of concealment. The police in St Marys have released a video of the burglar as he robbed the store. He seemed to grasp the idea of covering his face, but as police stated, “you can help us catch him, once you stop laughing.” The “mask” he wore was a nothing more than clear plastic packaging!
Worth Remembering Quotation
No persons are more frequently wrong, than those who will not admit they are wrong.
François de La Rochefoucauld
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