For the Week Ending June 9, 2017
The labor market continues to show strength, with this week's jobless claims below the 300,000 threshold for the 118th straight week and unemployment at 4.3%.
Recent data indicates that inflation is still below the Fed target of 2%, coming in at 1.5% in April. The Fed is expected to raise policy rates next week regardless.
Although a Fed policy rate increase next week is likely, that won't necessarily drive mortgage rates higher. The Fed doesn't control mortgage rates directly.
Home prices continue to soar, with low inventory causing bidding frenzies in some metro areas. Home-price growth is currently even outpacing rent gains.
According to NAR, 47% of consumers said it was a good time to buy a home, and 39% said it was a good time to sell. Both figures are up from a year ago.
Fannie Mae will ease income requirements in July, paving the way for more new buyers to qualify. Millennials with student debt are expected to benefit most.
A banker, an accountant and a real estate agent all become homeless and decide to live under a bridge.
The banker finds a cardboard box and moves into it.
The accountant finds a cardboard box, puts it next to the banker and crawls into it.
The real estate agent finds a cardboard box and puts it on top of the banker's and accountant's boxes. He then slaps a poster on it reading:
“Penthouse available in new development for professionals.”
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