For the Week Ending July 1, 2016

For the Week Ending July 1, 2016

Please enjoy this quick update on what happened this week in the housing and financial markets
Britain's vote to leave the European Union (Brexit) continued to shock markets. Traders seeking safety placed money into U.S. bonds, contributing to lower rates.
 
Although indications point to the economy gaining momentum in Q2, global events could make Q3 growth unlikely. A slowing economy would support lower rates.
 
Expectations of a Fed rate increase have disappeared, and traders are now talking about a possible rate cut. Rate cut speculation is good for mortgage rates.
 
Case-Shiller reports that home prices are still rising, with a 5.4% increase year- over-year in April. Strong employment and low rates continue to be factors.
 
Pending home sales were down slightly, the first annual drop in 2 years. However, the drop is blamed on tight inventory rather than a lack of demand in the market.
 
Fannie Mae reports that serious delinquencies were at 1.38% in May, the lowest level since 2008. The normal delinquency rate historically is below 1%.
 
How come there's no knock-knock jokes about America?
Because freedom rings.
 

Sincerely,
Don S.Riggs
Area Manager NMLS ID # 132702
(303) 429-7121
driggs@envoymortgage.com
NMLS ID # 6666 (www.nmlsconsumeraccess.org)
envoymortgage.com
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


Email: don.riggs@cardinalfinancial.com

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