I have several lenders who provide me with information about the mortgage market I thought it would be good to add their information to my blog for all my reader to read. Especially with the word on the street saying interest rates might be going up.
Happy Thanksgiving.
Deb Roberts
Subject: Economic Commentary from Peter Jennings, November 25, 2015
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| Quiet Thanksgiving Week
Despite an increase in geopolitical tension, it was a quiet week for mortgage rates. The major recent economic data contained few surprises. Mortgage rates ended the week slightly lower.
The recent major economic data met or exceeded expectations nearly across the board, keeping the outlook for a likely Fed rate hike on December 16 on track. Third quarter Gross Domestic Product (GDP), the broadest measure of economic growth, was revised higher at 2.1% from 1.5%. Durable orders, another important indicator of economic activity, picked up strongly in October. Personal income showed solid growth in October as well.
The recent housing data came in very close to the expected levels. October existing home sales declined a little from September, but remained near the best levels of the year, and were 4% higher than a year ago. The inventory of existing homes for sale declined. October new home sales surged 11% from September, and the inventory increased to the highest level since early 2010. Since new home sales measure contracts signed, while existing sales measure closings, new home sales better reflect current activity.
Looking ahead, the report on pending home sales will be released on November 30. The ISM national manufacturing index will come out on December 1. The next Employment report will be released on December 4. Events outside the U.S. could influence mortgage rates as well. An escalation in the recent violence could cause investors to shift to safer assets. The European Central Bank meeting on December 3 also could have an impact on bond yields around the world.
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Commentary provided by MBSQuoteline. For live MBS pricing visit www.mbsquoteline.com. |
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| This email was sent by:
Peter Jennings
NMLS #333292; Licensed in NH, VT & FL; Branch NMLS #254998
Merrimack Mortgage Company, LLC
NMLS ID #2561
120 Route 10 S
Grantham, NH 03753
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This letter is for information purposes only and is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. Program rates, terms and conditions are subject to change at any time.
This letter is for informational purposes only and is not an offer to extend credit. Program, rates, terms and conditions are subject to change and underwriting approval. Merrimack Mortgage Company, LLC. NMLS ID #2561. Licensed by the New Hampshire Banking Department, Additionally licensed in ME, VT, Rhode Island Licensed Lender, Licensed by the New Jersey Department of Banking and Insurance. Federally registered in Florida, Connecticut, Massachusetts and Pennsylvania. 11/15
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Thank you for your time;
Deb Roberts CHMS
RE/MAX Upper Valley Partners
Upper Valley Realtor of the Year 2010
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