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Lots of overseas action! {Market Report} June 11th

Lots of overseas action! {Market Report} June 11th
June 12, 2018 abryant

 

 

 

I wish my life had background music so I could understand what the heck is going on.

If you wait long enough to make dinner, everyone will just eat cereal…….it’s science.

My neighbors are listening to great music. Whether they like it or not.

As long as cocoa beans grow on trees, chocolate is fruit to me.

 

Now The Market Report . . .

 

June’s Federal Open Market Committee (FOMC) meeting is next Wednesday. The Fed is widely expected to raise policy rates by 0.250% at this meeting.

Mortgage rates have already factored in a Fed rate increase. However, rates are creeping up after geopolitical tensions in Italy have dissipated.

The European Central Bank also meets next week. If the ECB announces plans to reduce stimulus, rates could be pressured slightly higher.

 

Volatility in mortgage rates from geopolitical tensions helped push rates lower last week. Mortgage purchase applications rose 4.1% week-over-week.

Freddie Mac reports that 46% of first-quarter purchase mortgages were to first-time buyers. This marks the largest share recorded, dating back to 2012.

Homes in lower price ranges are appreciating faster than more expensive homes. Prices rose 9.3% year-over-year for homes priced 75% or less of the median.

 

Want to hear a pizza joke? Nah, it’s too cheesy…

 

This week’s potential market moving reports are:

 

Tuesday, June 12th:         Consumer Price Index

Wednesday, June 13th:    MBA Mortgage Applications, Producer Price Index, FOMC Announcement

Thursday, June 14th:        First Time Jobless Claims, Retail Sales

Friday, June 15th:             Industrial Production

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.

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Please enjoy this quick update on what happened this week in the housing and financial markets.     Asking for…

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