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Rates fell as trade tensions intensified! {Market Report} August 12th

Rates fell as trade tensions intensified! {Market Report} August 12th
August 12, 2019 abryant

Market Report - American Family Funding

 

 

 

I eat cake every day because somewhere out there it’s someone’s birthday and I like to celebrate.

Spilling hot coffee on your lap wakes you up faster than drinking it. Trust me!!!

Everyone is posting their vacation pictures and I’m like…See the world mini golf.

Stomach: I will now demonstrate a blue whale’s mating call.

Dear sleep: thanks for trying, but you can’t beat surfing the net.

 

Now The Market Report . . .

 

At the end of July, the Fed made its first policy rate cut since 2008. Over the following week, mortgage interest rates dropped to their lowest level since 2016.

President Trump announced a new round of tariffs on Chinese imports to start in September. Stocks plummeted and bonds rallied, pushing mortgage rates lower.

Weekly jobless claims fell last week, pointing to a strong labor market despite a slowing economy and deteriorating trade relations with China.

 

Fannie Mae’s Home Purchase Sentiment Index hit a record high in July, showing consumer confidence. The HPSI reached 93.7, up 7.2 points over last year.

Mortgage applications rose 5.3% from the previous week and 46.5% over a year ago. Most of the increase was in refinance applications.

Home prices continued to rise in the 2nd quarter. The national median existing single-family home sales price was $279,600, up 4.3% from a year ago.

 

People say nothing is impossible, but I do nothing every day.
attributed to A.A. Milne, Winnie the Pooh

 

This week’s potential market moving reports are:

 

Monday, August 12th:          No Major Reports

Tuesday, August 13th:         Consumer Price Index

Wednesday, August 14th:    MBA Mortgage Applications

Thursday, August 15th:        Jobless Claims, Retail Sales, NAHB Home Builders Index

Friday, August 16th:             Housing Starts

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.