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More rate cuts on the way? {Market Report} September 16th

More rate cuts on the way? {Market Report} September 16th
September 18, 2019 abryant

 

Market Report - American Family Funding

 

 

 

Me and my best friend can communicate with just facial expressions.

How come iPhone chargers are not called apple juice?

Tried to do a cartwheel the other day, thinking it was like riding a bike. It’s not.

I followed a diet but it didn’t follow me back, so I unfollowed it.

 

Now The Market Report . . .

 

Consumer borrowing was up $23.3 billion in July, the biggest monthly gain since Nov. 2017. The increase pushed total consumer credit to a record $4.1 trillion.

Despite forecasts of a looming recession for 2020, economic data and the labor market continue to show strength.

The Fed will meet next week. Last month’s meeting produced the first policy rate cut in 10 years, and speculation continues now for a second.

 

Mortgage applications to purchase a home increased 5% last week and were 9% higher than the same week a year ago. Total application volume rose 2%.

Inventories grew tighter in August, strengthening competition in the market. However, median listing prices saw their largest July-to-August drop since 2012.

The Treasury released a plan last week to recapitalize mortgage giants Fannie Mae and Freddie Mac and to release them from government conservatorship.

 

“”Superstition sets the whole world in flames, but philosophy douses them.”
Voltaire

 

This week’s potential market moving reports are:

 

Monday, September 16th:           Empire State Index

Tuesday, September 17th:           Industrial Production, Home builders Index

Wednesday, September 18th:     MBA Mortgage Applications, Housing Starts, Building Permits

Thursday, September 19th:         First Time Jobless Claims, Existing Home Sales

Friday, September 20th:              No Reports Scheduled

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.