Mortgage Market Summary as of October 2, 2017
As you read this week's mortgage market summary, you might ask yourself..."HUH?"...
Analysts who predict that mortgage rates will move are beginning to sound like Chicken Little. Despite expectations of economic growth or the return of inflation or changes in Washington, rates remain firmly entrenched in a relatively tight range. While this week could have seen rates making a small step upward, many experts believe that a tightening and competitive mortgage landscape is restricting the ability of lenders to increase rates. With rates remaining at historically low levels for years, coupled with tight real estate inventories, this may be the case. Or it could simply be that the mortgage market just isn’t as optimistic about future economic prospects or the return of any meaningful inflationary pressures. In any event, low rates do help those who can find a home to buy.
This week may not change much. While the ISM (Institute of Supply Management) Manufacturing Index could remain in solid growth territory, the week may end with a sub-par new jobs created reading. However, if the employment report reveals more new jobs than expected, we could see rates moving slightly upward.
-Courtesy of our in-house Senior Loan Officer Rick Lombardo (310) 435-7439 firstname.lastname@example.org at First Capital.
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