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FIRST TEAM’S WEEKLY MORTGAGE WATCH (May 21st, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Despite some strong economic data, mortgage rates were unable to move upward, last week.
- Industrial Production leapt upward by a solid 1.0%, the largest increase in over three years.
- While Housing Starts did slip slightly, homebuilder confidence remains very high. The LEI also increased another 0.3%, notching its eighth consecutive increase.
- However, it seemed that every news cycle was dominated with trouble for the new presidential administration. It appears that the probability of many of the “pro-business” legislative actions is getting pushed further out with each new revelation.
- This week is