The Markets in a Minute…

	For the Week Ending September 2, 2016
	Please enjoy this quick update on what happened this week in the housing and financial markets.     Consumers appear optimistic about the near term economic outlook, personal finance and jobs. Confidence readings rose to the highest level in nearly a year. This week’s jobs report could be a factor in the Fed’s decision on when to raise policy rates. The Fed’s next meeting to discuss rates is September 20-21. Fed Chair Janet Yellen made comments that the case for a rate increase has strengthened recently. It’s possible mortgage rates could react before Fed action. Case-Shiller reported home price gains slowed a bit in June but were still above the 2-year average. The strongest gains of over 10% were in the Northwest. Pending home sales continue to rise, despite tight inventory. Signed contracts to buy existing homes rose 1.3% to the second highest level in over a decade. Private residential construction spending increased slightly in July. Also, June’s reported decline of 0.6% was revised to be an increase of 0.9%.     My boss made me go into the office on Labor Day. Halfway through the day, he came in to check up on me and caught me having a beer. He said to me, “You can’t drink while you’re working.” I said, “Oh, don’t worry – I’m not working.”   Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Sincerely,

Rich Bersani
Greentree Mortgage Company, L.P.
Vice President
NMLS #133243
(856) 889-8648
RBersani@GreentreeMortgage.com

Advertisements