For the Week Ending June 23, 2017
Crude oil prices have plummeted this week, which helps to curb inflation concerns. A lack of inflation helps keep mortgage rates low.
Although the economic outlook continues to improve, consumers are showing signs of declining confidence in their personal finances and may spend less.
Jobless claims were up slightly this week, hitting 241,000. In a sign of labor market strength though, this is the 120th week claims were below 300,000.
Nationwide, properties stayed on the market for a median of just 27 days in May. This was the shortest timeframe since NAR began tracking the data in 2011.
Existing home sales rose 1.1% month-over-month in May to 5.62 million. Existing home sales are now 2.7% higher than a year ago.
Inventory shortages continue to push home prices to new highs. The median existing home price was $252,800 in May, passing last June's peak of $247,600.
The older generation's dream was to pay off the mortgage. The younger generation's dream is to qualify for one.
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