For the Week Ending January 27, 2017
Equities are rallying. The Dow Jones got the most press this week when it hit a new high of 20,000. The S&P and the Nasdaq reached new highs as well.
The Fed will meet next week, although it's not likely we'll see a policy rate increase right now. The Fed has said it will probably raise rates 3 times this year.
However, mortgage rates are influenced by bond market movement and are not controlled directly by the Fed. Current economic growth could pressure mortgage rates higher.
After 3 straight months of gains, new home sales were down slightly in December. Demand remained strong despite recent slight rate increases.
Existing home sales were also down slightly, with the decline being blamed on short inventory. Supply of previously owned homes was at a 17-year low in December.
The median price for new homes rose to $322,500, a 7% increase from December 2015. Home sales prices are expected to continue to increase in 2017.
A guy walks into a bar and takes a seat. Before he can order a beer, the bowl of pretzels in front of him says, "Hey, you're a handsome fellow."
The man tries to ignore the bowl of pretzels and orders a fine pilsner beer.
The bowl of pretzels then says, "Ooooh, a pilsner, great choice. You're a smart man."
Starting to freak out, the guy says to the bartender, "Hey, what the heck? This bowl of pretzels keeps saying nice things to me!"
The bartender replies, "Don't worry about it. The pretzels are complimentary."
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.
Area Manager NMLS ID # 132702
NMLS ID # 6666 (www.nmlsconsumeraccess.org)
Envoy Mortgage LTD, NMLS #6666
All applications are subject to credit approval. Program terms and conditions are subject to change without notice. Some products may not be available in all states. Other restrictions and limitations may apply. This is not a commitment to lend. Envoy Mortgage Ltd. #6666, 5100 Westheimer Rd., #320, Houston, TX 77056, 877-232-2461; AR Banker/Broker/Servicer License #103315 - AZ Mortgage Banker Licensee – License #0908096; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #413 0597; CO Mortgage Company Registration # 6666, Regulated by the Division of Real Estate; Licensed by the Delaware State Bank Commissioner Licensed Lender Licensee #011264; Georgia Residential Mortgage Licensee License #23619; Illinois Residential Mortgage Licensee – License #MB.6759338; MA Mortgage Lender Licensee – License #M C6666; MA Mortgage Broker Licensee – License #MC6666; Licensed by the Mississippi Department of Banking and Consumer Finance License #6666; Envoy Mortgage Limited Partnership – Licensed by the New Hampshire Banking Department License #14552-MB; Licensed by the N.J. Department of Banking and Insurance NMLS #6666; Licensed Mortgage Banker – NYS Department of Financial Services, License #B500979, 746 Merrick Rd., Baldwin, NY 11510; OH Mortgage Broker Act Certificate of Registration # MB.804190.000, SM.501928.000; OR Mortgage Lending Licensee #ML-3933; Rhode Island Licensed Lender – License # 20092627LL; Rhode Island Licensed Loan Broker – License # 20122861LB; TX Mortgage Banker Registration- NMLS #6666; TX Regulated Loan License #42377. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas; Virginia NMLS ID#6666 (www.nmlsconsumeraccess.org) – Lender License and Broker License # MC3021; Envoy Mortgage Ltd d/b/a Envoy Mortgage, L.P.- WA Consumer Loan Company License # CL-6666 – http://nmlsconsumeraccess.org
This is not a commitment to lend. Envoy Mortgage Ltd. - NMLS # 6666