Mortgage Market Commentary-Week of May 22, 2017
Despite some strong economic data, mortgage rates were unable to move upward, last week. Industrial Production leapt upward by a solid 1.0%, the largest increase in over three years. While Housing Starts did slip slightly, homebuilder confidence remains very high. The LEI also increased another 0.3%, notching its eighth consecutive increase. However, it seemed that every news cycle was dominated with trouble for the new presidential administration. It appears that the probability of many of the “pro-business” legislative actions is getting pushed further out with each new revelation.
This week is likely to see mortgage rates staying level or even slipping slightly. The biggest economic data point due is the second estimate of the first quarter’s GDP. While it is expected to be adjusted upward, only an adjustment over about 1.1% would have the influence to pressure rates upward much. If we experience another week of challenging information for the President and his associates, then rates could be depressed even more on expectations of Washington gridlock.
Senior Loan Officer | NMLS# 300534
This is not a commitment to lend. Loan programs, rates and terms subject to change without notice and are subject to property and credit approval. For informational purposes only. Restrictions may apply. Equal Housing Lender. PHH Home Loans, LLC d/b/a Sunbelt Lending Services, 300 South Park Place Boulevard, Suite 150, Clearwater, FL 33759. NMLS ID # 4256 (www.nmlsconsumeraccess.org). Georgia Residential Mortgage Licensee #20292. This email was sent by: Sunbelt Lending Services 2300 Bee Ridge Road, Suite 305 Sarasota, FL 34239