FOR THE WEEK ENDING JULY 7, 2017

For the Week Ending July 7, 2017

Please enjoy this quick update on what happened this week in the housing and financial markets
  • The minutes from June's FOMC meeting showed the Fed is open to at least one more rate increase this year, and balance-sheet adjustment will start soon.

  • The minutes also shared that the European Central Bank may reduce economic stimulus soon. The news is bad for mortgage rates here in the U.S.

  • As the labor market nears full employment, it's showing signs of cooling. Private employers hired fewer workers than expected in June, and jobless claims were up.

  • A report from CoreLogic shows home prices were up 6.6% year-over-year in May. They forecast another 5.3% increase from May 2017 to May 2018.

  • Due to tight inventory and improved technology, 33% of 3,350 homebuyers in 11 metropolitan areas recently surveyed had made an offer sight-unseen.

  • In some big cities, particularly along the coasts, land is at a premium. Teardowns accounted for 10.2% of all new home construction in 2016, up from 7.7% in 2015.

Real Estate Math: A real estate agent has 2 property listings. Now add 11 more. What does the agent have now?
Happiness. πŸ˜‰

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 canΒ differ from our own and are subject to change at any time.

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