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FIRST TEAM’S WEEKLY MORTGAGE WATCH (July 30th, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Similar to the last few years, Q2 GDP rebounded, but rates were unfazed. Coming off a revised 1.2%, GDP stepped up to 2.6%.
- While the increase is welcomed, it still leaves us at only 1.8% for the first half of the year.
- The Federal Reserve left its Fed Funds Rate unchanged, and analysts are now placing odds of a rate increase in September at about 50%. This, along with inflation slowing, may give the Fed an opportunity to begin to reduce its massive balance sheet, at its next meeting.
- Housing indicators continue to show more of the same: tight inventories and rising prices. The first of the month data