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FIRST TEAM’S WEEKLY MORTGAGE WATCH (July 16th, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates started last week moving upward but lost steam as the week progressed. Some of the week’s upward pressure stemmed from the first rate increase in seven years from the central bank of Canada.
- Domestically, Industrial Production managed to hit expectations, but Retail Sales fell short and posted a disappointing decline. Lack of inflationary pressure continues to help hold rates lower.
- Another flat reading in the headline Consumer Price Index, coupled with a 0.1% increase in its core reading, further reduced the probability of another Fed rate increase in the near-term.
- While many may be frustrated with the lack of acceleration in the economy, the slow pace has enabled housing to recover.
- With interest rates remaining low, affordability has not been crimped as it would have been with higher rates. Plus, refinancing has helped juice other segments of the economy.
- This week is devoid of any significantly impactful economic data. As such, other news and digesting the most recent data will likely keep mortgage rates in a relatively tight range.
Energy Bills From Top to Bottom
As the summer heat begins to bake parts of the country, WalletHub examined energy bills in all 50 states. The goal was to find who spent the most and who spent the least on their monthly bill. The analysis factored electricity, natural gas, motor fuel, and home heating oil. Connecticut was the most expensive state at $380, followed by Alaska, $332, and Rhode Island, $329. DC posted the cheapest at $219 with Washington ($226) and Colorado ($228) close behind.