Scott Synovic Mortgage Loan Originator Colorado's Mortgage Expert
  • About
  • Mortgage Blog
  • Contact
  • Apply Now

Scott Synovic CMA, CMPS, CMHS
Fairway Independent Mortgage
303.668.3350

Mortgage Blog - December 11, 2017

12/11/2017

 
Picture
Last week we received good news that both New and Pending Home Sales are heading in the right direction, upwards. October New Home Sales rose 6.2%, to a 685,000 annual rate, soundly beating forecasts for the second month in a row. That puts sales of new single family homes up 18.7% over a year ago, at their highest level since 2007, and, this isn't just an artificial rebound from the hurricanes. All major regions saw sales gains, with the smallest actually coming from the south. The average sales pace for the past three months is also the highest since 2007.

For October, the Pending Home Sales measure of contracts signed on existing homes rebounded to a 3.5% gain following the 0.4% dip in September. This suggests existing homes sales should move up in November and December. Prices in many markets edge higher, as national measures continue to go up. Consequently, Fannie Mae and Freddie Mac are increasing the conforming loan limits in 2018 for most of the mortgages they insure. The baseline limit will go to $453,100, while the limit in "high-cost areas" will be $679,650. Call me today, 303.668.3350 as some of these loan limits could vary by county.

Review of Last Week

The week ended with the Dow UP 2.9%, to 24232; the S&P 500 UP 1.5%, to 2642; and the Nasdaq down 0.6%, to 6848.

With the tax bill vote delayed in the Senate, bond traders pushed Treasuries higher, though other bonds lost ground. The 30YR FNMA 4.0% bond we watch finished the week down .25, at $104.53. Freddie Mac's Primary Mortgage Market Survey for the week ending December 7 showed national average 30-year fixed mortgage rates rising, but remaining lower than where they were this time last year.

Where are interest rates headed?

This Week's Forecast

Inflation is tame, Retail sales and Fed rate rise. The big data this week will be Friday's November Employment Report. Economists predict more historically high numbers.

The Week's Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Economic Calendar for the Week of December 11th - December 15th

Dec 12    08:30    Producer Price Index (PPI)
Dec 12    08:30    Core PPI
Dec 13    08:30    Consumer Price Index (CPI)
Dec 13    08:30    Core CPI
Dec 13    10:30    Crude Inventories   
Dec 13    14:00    FOMC Rate Decision
Dec 14    08:30    Initial Unemployment Claims
Dec 14    08:30    Continuing Unemployment Claims
Dec 14    08:30    Retail Sales
Dec 14    08:30    Retail Sales ex-auto
Dec 14    10:00    Business Inventories
Dec 15    08:30    NY Empire Manufacturing Index
Dec 15    09:15    Industrial Production
Dec 15    09:15    Capacity Utilization

Federal Reserve Watch

Speculative Forecasting Federal Reserve policy changes in coming months:

The only surprise that could come out of this week's FOMC meeting is if the Fed Funds Rate does not go up, and the Fed Funds Futures market sees another quarter percent bump come March.

Note: In the lower chart, a 100% probability of change is a 100% certainty the rate will rise, while an 11% probability of change is an 89% certainty the rate will stay the same.

Current Fed Funds Rate: 1.00%-1.25%

After FOMC meeting on:   


Dec 13    1.25%-1.50%
Jan 31    1.25%-1.50%
Mar 21    1.50%-1.75%

Probability of change from current policy:

After FOMC meeting on:    


Dec 13         100%
Jan 31           11%
Mar 21           51%

Where are interest rates headed?

Call me now, 303.668.3350 or click here to apply!

Apply Now!
Get the Insider Track on Interest Rates!

Cheers!

Scott Synovic
Nations Reliable Lending, LLC
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
303.668.3350 Direct

NMLS: 253799 / NRL NMLS: 181407
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Scott Synovic is a top performing mortgage loan originator providing superior levels of service and satisfaction to clients and business partners in Colorado - www.scottsynovic.com NMLS #253799 Fairway Independent Mortgage Corporation #2289

Comments are closed.
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    APPLY NOW

    Archives

    February 2023
    January 2023
    December 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015

    Categories

    All

    RSS Feed

popular pages

Refinance
Eliminate PMI
Consolidate Debt
Mortgage Calculators
How Much is My Home Worth?
Interest Rates

Company

About Fairway Independent Mortgage Corporation
Financing Disclaimer
Contact

mortgage insight

join now
Communications Consent
Picture
Scott Synovic NMLS #253799 Fairway Independent Mortgage NMLS #2289
NMLS Consumer Access. Fairway Independent Mortgage Corporation
950 South Cherry Street, Suite #1515, Denver, Colorado 80246

Equal Housing Lender licensed through NMLS Regulated by the Division of Real Estate.
​Licensed Mortgage Loan Originator licensed in Colorado and California.
Not endorsed or sponsored by either state or any government agencies.

Picture
Picture
Picture
Featured in The Denver Post and 5280 Magazine as a Five Star Mortgage Professional
© Copyright 2022. All Rights Reserved.
  • About
  • Mortgage Blog
  • Contact
  • Apply Now