For the Week Ending June 5, 2015
In the US, manufacturing and business productivity fell sharply with higher labor related costs, which could support inflation. Inflation could lead to higher rates.
Jobless claims continue to point to a tightening jobs market. Strengthening in the labor market keeps the Fed on track to likely raise policy rates later this year.
Bond markets are again selling-off and pushing yields higher across the globe. Concurrent selling in mortgage bond markets is pushing mortgage rates higher too.
Buyers show an unprecedented demand for bigger homes. An increased number of homes built in 2014 had more bedrooms, more bathrooms, and bigger garages.
Existing home sales in April were up 6.1% from a year earlier. Strong demand continues to drive up prices, with 40% of properties sold at or above asking price.
Private residential construction spending increased slightly over last month and more substantially year-over-year. Greater supply could help the housing market.
"Do you really believe your husband when he tells you he goes fishing every weekend?" asks Vicky's best friend, Myra.
"Why shouldn't I, Myra?" responds Vicky.
"Well, maybe he's having an affair!" comments Myra.
"No way!" laughs Vicky. "He never comes home with any fish!"
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