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William Alvarez Principal Mortgage Broker Real Loan Partners, Inc. Phone: 305-764-5554 Fax: 888-764-0759 NMLS #: 311710 - 2032831 walvarez@RLPTeam.com www.RLPTeam.com |
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May 2012
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What In the World Is Going On? How News Here and Abroad Impacts Our Home Loan Rates The world is certainly more connected then ever these days, and that's true well beyond the Internet. If you've been wondering what's been going on...and what things mean for home loan rates...here's the scoop. A Recap of News at Home The housing market is one of the main areas in our economy that is still struggling. New Home Sales, Existing Home Sales and Housing Starts all fell in March. And in April, the Fed noted in its statement from their Federal Open Market Committee (FOMC) meeting that the housing market remains "depressed." In addition, recent reports in the manufacturing sector were also disappointing, as both the Empire State Manufacturing Index and the Philly Fed Index came in below expectations. The same is true in the labor market, as recent Initial Jobless Claims readings have spiked sharply higher...and well above the 350,000 range seen in recent weeks. But not all the news has been disappointing: Retail Sales in March rose by a nice 0.8%, as consumers bought all kinds of products across the board. And when stripping out autos, sales still grew. This adds to the increasing trend seen in January and February and is a good sign for our economy, as consumers don't spend when they aren't feeling optimistic about their financial situation. The direction of economic reports here will certainly impact the markets and home loan rates in the weeks and months ahead, and it's something to watch closely. News to Note from Overseas There will likely be more safe haven trading into the relative safety of the US Dollar and US Bonds (which will benefit Mortgage Bonds, to which home loan rates are tied) as the uncertainty out of Europe escalates. And more bad economic reports here in the United States could increase trading into the safety of our Bonds, just as more good economic news here would likely benefit Stocks at the expense of our Bonds and home loan rates. If you have any questions at all about how the news here or abroad might impact your personal situation, contact the professional who supplied you with this month's issue of YOU Magazine. | ||||||||||||||||||||||||||||||
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