Last week European inflation became a global concern as the rate surged to 4%. This along with fears of a possible strike on Iran by Israel caused oil to increase as high as $146 before settling around $144 a barrel. Also, 62,000 jobs were lost in June. Investors took this news in stride and chose to remain in stocks. As a result, mortgage bonds suffered and mortgage interest rates remained higher.
This week we look to the jobless claims report on Thursday and June retail sales and the producer pricing index report on Friday will be very important to mortgage interest rates as well as the near term expectations of our economy.
Mortgage applications for The David M. Damare’ Team have recently increased in certain areas of the country that have suffered the most from the housing slump indicating that we may be finally reaching a bottom in home sales. There are, however, many more hurdles to get over before a full recovery can be made. The sales contracts we have reviewed further solidify our belief that the current market continues to provide outstanding opportunities for home-buyers and investors, alike.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you and your clients. David. 919.851.0999.
