July 27, 2017 : Rates remain steady, but for how long?
This week’s Markets In A Minute: Rates remain steady, but for how long? How did new and existing home sales do?
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- Talk of tariffs and trade concerns continue to help rates remain steady and on the low side. However, the strong economy and labor market could pressure rates higher.
- Recent comments by President Trump about raising rates are not likely to affect the Fed’s plans. One or even two policy rate increases are still expected for 2018.
- The European Central Bank is seeing inflation increase overseas and should end economic stimulus this year. This could pressure future mortgage rates higher.
- Existing home sales continued to slide in June, to a 5-month low. A persistent shortage of properties on the market drove house prices to a record high.
- New home sales also dropped to an 8-month low in June. Demand remains high, but builders are struggling with labor shortages and material costs.
- Fifteen more states can now accommodate fully digital home closings. A total of 265 million homebuyers can now enjoy fully online closing processes across the country.
I have a few jokes about being unemployed, but it doesn’t matter because none of them work.
| 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. |
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