Caroline's Weekly Market Review & Kwest Mortgage News
Attributed to Frank Nothaft, vice president and chief economist, Freddie
Mac.Mortgage rates drifted downwards this week amid signs of a weakening
economic recovery. Retail sales rose 0.2 percent in August which was nearly half
of July's 0.4 percent increase. In addition, industrial production in August
grew 0.4 percent, less than the market consensus forecast. And lastly, consumer
sentiment fell for the second consecutive month in September to the lowest
reading since April. This, in part, was why the Federal Reserve chose to
maintain its MBS and bond-buying program at its September 12th and 13th monetary
policy committee meeting. It also cited the tightening of financial conditions
observed in recent months, which in the case of the housing market means the
rise in mortgage rates since May."
This week will bring fewer and less impactful reports when compared to last
week. The German elections being held on Sunday could have an effect on the
global financial markets. The outcome will determine Germany’s position on
critical EU issues like, bailouts, banking system reform, and austerity
measures, which will influence the pace of economic growth for the EU. Here at
home, Durable Orders and New Home Sales will be released on Wednesday. On
Thursday, Pending Home Sales and the final revisions to the second quarter GDP
will be released. Personal Income and Core PCE inflation (the Fed’s preferred
inflation indicator) will come out on Friday. Consumer Sentiment and Consumer
Confidence will round out the week. Also, there will be Treasury auctions on
Tuesday, Wednesday, and Thursday.
Rates are still at low levels. Now is the best time to meet with your mortgage
professional to discuss a mortgage solution to meet your financial goals.
On Another Note:
Kwest Mortgage is looking for an employee!!
Great things, Small businesses like ours creating jobs. We need help though. Please share the word. We are good, but have a need for an additional Kwest team member with the same drive and passion we have for helping consumers. We know they are out there. Just have to find the right one.
Click on the link below for a full job description and details for the position!
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