For the Week Ending May 26, 2017
Minutes released from the Fed's May FOMC meeting support a possible policy rate hike in June. However, chances of a September rate hike went down.
Recent economic data has been mixed. Signs of a dip in consumer sentiment and spending are offset by continued strengthening in the job market.
The 4-week average of continuing jobless claims decreased between the April and May survey weeks. The average is at the lowest level since January 1974.
New home sales were down in May from April's 9-1/2-year high, but the housing recovery is intact. Demand is still strong, and inventory remains tight.
Existing home sales fell in April, weighed down by a chronic shortage of inventory. However, home prices increased 6% year-over-year in April.
Low inventory pushed time on market to new lows in April. The average number of days on the market was 29, lower than last May's record of 32 days.
A broker was dismayed when a brand new real estate office much like her own opened next door and put up a huge sign that said, "BEST AGENTS."
She was horrified when another competitor opened on the other side and put up an even larger sign saying, "LOWEST COMMISSIONS."
The broker panicked, until she got an idea. She put up the biggest sign of all over her own real estate office. It read, "MAIN ENTRANCE."
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