You’re Invited May 31! {Market Report} May 29th

We’d love for you to be our guest at our Treinta y uno de Mayo Fiesta this week! Stop by to say “Hi” and enjoy tacos, margaritas, cerveza and good company. Thursday, May 31, 5:30 – 7:30 pm at our AFF office, 28368 Constellation Road, Suite 398. Please RSVP Angie@affloans.com or 661-505-4307. Let me know if you can make it!

How can you ever be late for anything in London? They have a huge clock right in the middle of the town.

Someone should open up a restaurant called “I don’t care”. Then we can finally go to that restaurant my friends always talk about.”

Cheese . . . milk’s leap toward immortality.

Don’t tell me the sky is the limit when there are footprints on the moon.

Now The Market Report . . .

Minutes released this week from last month’s Fed meeting point to a policy rate increase in June. However, mortgage rates likely won’t be affected.

Inflation is showing signs of increasing, but the Fed isn’t too concerned yet. They indicated a temporary period of higher inflation would still be ok for the economy.

The labor market continues to tighten, with unemployment at a 17-year low of 3.9%. A strong labor market is supportive of a Fed rate increase in June.

Sales of new single-family homes fell slightly in April but were higher than expected. Economists blame the drop on lack of inventory.

Home prices continue to rise, according to the FHFA Housing Price Index. However, the rate of increase has slowed compared to previous months.

Mortgage applications were down again last week, but refinance applications were most affected. Purchase applications were still 3% higher than a year ago.

Best “Out of Office” email auto replies…

1. I am currently out at a job interview and will reply to you if I fail to get the position.
2. I’m not really out of the office. I’m just ignoring you.
3. You are receiving this automatic notification because I am out of the office. If I were in, chances are you wouldn’t have received anything at all.
4. Sorry to have missed you, but I am at the doctor’s having my brain removed so that I may be promoted to management.
5. I will be unable to delete all the unread, worthless emails you send me until I return from vacation on 4/18. Please be patient, and your email will be deleted in the order it was received.

This week’s potential market moving reports are:

Monday, May 28th:          Memorial Day, All Markets Closed

Tuesday, May 29th:         S&P Corelogic Case-Shiller HPI, Consumer Confidence

Wednesday, May 30th:    MBA Mortgage Applications, ADP Employment Report, Corporate Profits

Thursday, May 31st:         First Time Jobless Claims, Pending Home Sales

Friday, June 1st:               National Employment, Construction Spending, ISM Manufacturing Index

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.