A January uptick in purchase! {Market Report} January 17th

As we honor the birthday of Martin Luther King, Jr., let’s remember the courage it takes to change the world.

And then let’s do it.

Why not start with an act of kindness today?

I wish you all the best as you make your dreams come true!

I’m one stomach flu away from my goal weight.

Why yes, I can carry on a conversation made up entirely of movie quotes.

During the day I don’t believe in ghosts…at night I become a bit more open-minded.

You know someone is mad when they start off a sentence with “I just find it funny how…” because there’s a 99% chance they did not find it funny.

Now The Market Report . . .

This week the U.S. and China signed the ‘phase one’ trade deal, an event that helped drive global stocks to record highs. Talks will now begin on a ‘phase two’ deal.

Consumer prices rose slightly in December, but underlying inflation pressures retreated. Weak inflation supports the Fed’s desire to keep policy rates unchanged.

Producer prices edged up in December as a rise in the cost of goods was offset by weakness in services. This reading was another indication of tame inflation.

Homebuyers were active to begin the year. Mortgage application volume was up 30.2% last week. Purchase applications were up 16% for the week and 8% year-over-year.

The Purchase Index, which includes all mortgage applications for the purchase of a single-family home, is now at its highest level since October 2009.

The Veterans Administration has eliminated loan limits on VA loans, starting January 1, 2020. However, there is also an increase on many associated fees.

“The elevator to success is out of order. You’ll have to use the stairs, one step at a time.”
Joe Girard

This week’s potential market moving reports are:

Monday, January 20th:          No Reports, Markets are Closed for Martin Luther King Jr. Holiday

Tuesday, January 21st:            No Reports Scheduled

Wednesday, January 22nd:    MBA Applications, Existing Home Sales

Thursday, January 23rd:         Weekly Jobless Claims

Friday, January 24th:              Manufacturing Data

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