For the Week Ending July 8, 2016

For the Week Ending July 8, 2016

Please enjoy this quick update on what happened this week in the housing and financial markets
U.S. stock markets have fully recovered after huge losses following Britain's vote to leave the EU. Markets don't believe a Fed rate increase is possible this year.
Fed minutes from last month's FOMC meeting show the Fed was concerned about a possible Brexit. Global turmoil means the Fed is unlikely to raise rates
A strong labor market is supporting the housing market. This week there was an increase in private payrolls and decrease in unemployment benefit claims.
Mortgage applications were up 14% on falling rates last week. While many were for refinances, purchase applications were 23% higher year-over-year.
Purchase applications could have been higher, according to experts. Lack of inventory plagues many markets, but has helped drive home prices back up.
Inventory concerns are not only for the purchase market. Rental demand has increased across all age groups and income types, creating a supply imbalance.
Rupert, the salesman, was demonstrating unbreakable combs in a department
store. He was impressing the people who stopped to look by putting the comb
through all sorts of torture and stress. Finally to impress even the skeptics in the
crowd, Rupert bent the comb completely in half, and it snapped with a loud crack.
Without missing a beat, he bravely held up both halves of the 'unbreakable' comb
for everyone to see and calmly said, "And this, ladies and gentlemen, is what an
unbreakable comb looks like on the inside!

Don S.Riggs
Area Manager NMLS ID # 132702
(303) 429-7121
NMLS ID # 6666 (
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 ( – Lender License and Broker License # MC3021; Envoy Mortgage Ltd d/b/a Envoy Mortgage, L.P.- WA Consumer Loan Company License # CL-6666 –

This is not a commitment to lend. Envoy Mortgage Ltd. - NMLS # 6666


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