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May the 4th be with you! {Market Report} May 7th

May the 4th be with you! {Market Report} May 7th
May 7, 2018 abryant

Market Report - American Family Funding

 

 

You know you’re getting old when you stop to tie your shoelaces and wonder what else you could do while you’re down there.

My legs are so sore from the gym that I almost couldn’t walk to the donut shop.

Rice is great if you’re really hungry and want to eat 2,000 of something.

How is it that one careless match can start a raging forest fire, yet it takes an entire box to start a campfire?

Money can’t buy you happiness? Well, check this out, I bought myself a happy meal.

 

Now The Market Report . . .

 

The PCE index, the Fed’s preferred inflation barometer, rose to 2% year-over-year in March. This is the biggest jump since Feb ’17 and could pressure rates.

The Fed voted unanimously not to raise policy rates at this month’s FOMC meeting. However, they are expected to raise rates at the next meeting in June.

The labor market shows no signs of slowing, as new applications for unemployment benefits last week fell to the lowest level since 1973.

 

Pending home sales were down 3% year-over-year in March, the 3rd straight month of annual declines. However, sales were up 0.4% compared to February.

Increases in mortgage rates saw applications to buy a home drop 2% last week. However, purchase applications were still 5% higher than a year ago.

Rising raw material costs are another way that inflationary pressures are starting to affect housing. Spending on new housing projects fell slightly in March.

 

Why did the scarecrow win an award?

Because he was outstanding in his field.

 

This week’s potential market moving reports are:

 

Monday, May 7th:         Consumer Credit

Tuesday, May 8th:        JOLTS Report

Wednesday, May 9th:   MBA Mortgage Applications, Producer Price Index

Thursday, May 10th:     First time Jobless Claims, Consumer Price Index

Friday, May 11th:          Consumer Sentiment

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.