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FIRST TEAM’S WEEKLY MORTGAGE WATCH (APRIL 8TH, 2018) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates moderated last week with some disappointing economic data and continued posturing over trade with China.
- Both the ISM Manufacturing and Services Index slipped backwards, but continued to show a robust level of growth.
- The jobs report for March failed to show the decline in the unemployment rate that was expected and came up short for new jobs. Only 103K new jobs were created last month, with 12K added to February’s number, but 63K sliced from January’s.
- With the President’s stance toward China creating some fears of a trade war, equity markets remained on edge and bonds experienced a strong cash inflow, including some unexpected international movement.
- This week brings more inflation data and Fed insights. If both the PPI and CPI remain at 0.2% or less, then focus on inflation may wane, removing some of the underlying upward pressure on rates.
- If the minutes from the Fed’s meeting show more reluctance to raise rates more than the projected number of times, then rates might move downward. Trade war fears could help push rates downward.
MILLENNIALS ARE THE HANDIEST AT DIY?
In an interesting survey from Porch.com, respondents were asked to assess their DIY skills and experience. Millennials appeared to be the most confident and handiest of every generation with 53% reporting that they prefer to handle their own home repairs. However, nearly one in five of this group could not tell the difference between a flathead and a Phillips screwdriver. Baby boomers might be the smartest of us all, as they tend to hire a professional for home repairs.