Action Lending - Mortgage News

Jobs Report Update

July 7th, 2017 5:16 PM by Gene Tidgewell

      The jobs report came out today and was pretty good. New jobs increased by 222,000 and May was adjusted upward by another 14,000. Unemployment climbed to 4.4 % which is good because the growth was caused partially by an increase in the job participation rate to 62.8%. Average hourly wages increased 0.2 % which is considered good.

     The Fed minutes came out Wednesday and it appears the data supports that the Fed will raise rates one more time this year in December. They are concerned that inflation is not growing as fast as they want so the likelihood of 2 increases between now and January are pretty slim. The minutes also indicated that they plan to start downsizing their balance sheet most likely in September. As I stated in my last blog the plan is to do it gradually so as to not cause a spike in rates.

     Rates increased about an eight of a point this week due predominately to technicals. Nothing on the horizon to spark a big move up or down right now but wait until Monday, it could all change.

Saw this quote today “If you try to fail and succeed, which one have you done?”

Remember Action Lending now does REVERSE Mortgages as well as traditional Forward Mortgages

We are Realtors also, as Moonstone Real Estate.

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Posted in:General
Posted by Gene Tidgewell on July 7th, 2017 5:16 PM

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