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FIRST TEAM’S WEEKLY MORTGAGE WATCH (March 19th, 2017) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- With the market convinced that the Fed was going to raise rates last week, anxiety began to surface that perhaps the Fed would become even more aggressive and move toward four rate increases this year, rather than the anticipated three.
- After meeting market expectations of bumping rates upward, the Fed stood pat, revealing a strong bias toward only two more rate increases this year.
- The week ended with rates trending back downward. Economic news continued in the same vein that it has for years, good, but not great.
- Retail Sales grew slightly, manufacturing and mining sub-indexes within Industrial Production rose, and inflationary pressures continue to slowly build.
- Housing continues to be a bright spot with Housing Starts pegging in at 1.288 million, the highest level since 2005.
- After markets let out a sigh of relief over the Fed remaining on its previously charted course, we’re likely to see rates slowly drifting downward over the next couple of weeks.
- An occasionally upward bump will likely happen, but unless we see significant economic changes, rates should remain tame.
Millions of Credit Scores May Get a Little Boost
An announcement from TransUnion, Experian, and Equifax may result in many consumers receiving a small bump upward in their credit scores. With many tax lien and civil judgments lacking critical details, on July 1st, the reporting agencies will remove records that do not contain the consumer’s name, address, and either a social security number or a date of birth. Future records will not be included if they lack these important data points.