First Team’s Weekly Mortgage Watch (June 8th, 2014) this week highlights the following updates:
- Last year, the economic engine appeared to finally be revving up, only to slow back down as 2014 started. As many experts have predicted, spring data is revealing a definitive increase from how the economy faired over the winter.
- Last week, economic reports showed both ISM indices sporting an increase, the Fed’s Beige book boasting moderate expansion in all twelve Fed districts, and the economy adding another 217,000 jobs. All of this data, along with the fact that the Fed is tapering QE3 should be pushing mortgage rates upward.
- However, mortgage rates continue to remain stubbornly subdued. While this has been a great benefit for anyone shopping for financing, the probability that rates will move upward remains very high, and buyers should remain watchful.
- This week’s most important economic news is clustered on Thursday and Friday. The most important being the monthly Retail Sales reports. With so many signs pointing to an improving economy, a greater-than-expected increase in Retail Sales would likely nudge rates upward.
Originally posted at: http://www.firstteam.com/blog/?p=8566
