Brian Egan's Blog - Philadelphia Mortgage Advisors

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Mortgage News for the week ended March 24, 2017

Mar 24

3:19

Category | General

Mortgage Time

Mortgage Market News for the week ended March 24, 2017

Compliments of

Philadelphia Mortgage Advisors

Phone: 610.834.8700

info@phillyadvisors.com

600 W. Germantown Pike | Suite 270

Plymouth Meeting, PA 19462

Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Department of Banking & Securities, NJ Department of Banking and Insurance, the State of DE and the Florida Office of Financial Regulation. NMLS #128570.

Rates Improve Again

Over the past week, concerns increased about President Trump's ability to deliver pro-growth policy changes as quickly as expected. This was favorable for mortgage rates. The economic data had little impact. Mortgage rates again ended the week lower.

Since the election, stocks have performed very well, while bonds yields have risen. This was due to expected policy changes under the Trump administration which would boost economic growth. Stronger growth is good for the economy and for stocks, but it raises the outlook for future inflation, which is negative for mortgage rates. Over the past week, President Trump encountered resistance to a health care bill. This increased investor concerns about the ease with which Trump will be able to deliver his pro-growth policy changes in areas such as tax cuts, deregulation, and infrastructure spending. As investors questioned whether the policies might be smaller in scale or might take longer to implement, some of the "Trump Trade" reversed this week, which was good for mortgage rates.

The housing sector data released this week revealed that home sales activity remained at very good levels. New homes sold in February rose to the best level in months. Sales of previously owned homes did slip from January's strong pace, but according to the National Association of Realtors, this was due to a shortage of inventory in many regions.

Demand remained very strong. The median time properties were on the market fell to just 45 days in February, down from 59 days last year at this time.

Looking ahead, the outcome of the health care bill vote scheduled for late Friday afternoon might influence mortgage rates. After that, Pending Home Sales will be released on Wednesday. The core PCE price index and Personal Income will come out on Friday. Core PCE is the inflation indicator favored by the Fed. In addition, there will be Treasury auctions on Monday, Tuesday, and Wednesday. There will be Fed speakers every day next week as well.

Mortgage News for the week ended March 17, 2017

Mar 17

3:30

Category | General

Mortgage Time

Mortgage Market News for the week ended March 17, 2017

Compliments of

Philadelphia Mortgage Advisors

Phone: 610.834.8700

info@phillyadvisors.com

600 W. Germantown Pike | Suite 270

Plymouth Meeting, PA 19462

Fed Tightens

For a couple of weeks prior to Wednesday's Fed meeting, comments from Fed officials and stronger than expected economic data caused mortgage rates to rise. The outcome of the Fed meeting was viewed as relatively favorable for mortgage rates, however. Rates reversed some of their rise and ended the week lower.

As widely expected, the Fed raised the federal funds rate by 25 basis points. To explain the Fed's reason for the rate hike, Fed Chair Yellen said that "the simple message is the economy's doing well." According to the statement, another factor was that inflation was "moving close" to the Fed's target level of 2% after falling short for years. Regarding the Fed's massive holdings of mortgage-backed securities (MBS), there was no change in language in the statement, and Yellen said that no decisions about the portfolio had been reached yet. The pace of rate hikes projected by Fed officials remained virtually unchanged from the prior forecasts released in December. Mortgage rates had risen before the meeting on concerns about a faster pace of tightening, so they recovered partly when these fears were not realized.

The recently released data on home building was very encouraging. In February, single-family housing starts and building permits both rose to the highest levels since 2007. In addition, the March National Association of Home Builders (NAHB) housing index showed that home builder confidence jumped to the highest level in over a decade. Increased home building activity is great news for the housing market given the current lack of inventory in many regions.

Looking ahead, more housing data will take center stage during a light week for economic reports. Existing Home Sales will be released on Wednesday, and New Home Sales will come out on Thursday. In addition, Durable Orders, an important indicator of economic activity, will be released on Friday.

Philadelphia Mortgage Advisors Named Best of the Main Line!

Jun 14

3:37

Category | General

Trust your next home purchase or refinance to the best!

Philadelphia Mortgage Advisors has just been named the best mortgage provider on the Main Line! With rates still near historic lows, it is a great time to act if you or anyone you now is looking to buy or refinance. Let us help with local service and expertise that you can count on from application to settlement.

Look for us June 19th in the Readers' Choice Awards insert or online at the Main Line Suburban Life and Main Line Times!

The Spring Market is Ready to Bloom!

Apr 28

10:36

Category | General

The Spring Market is Blooming - Especially for First-Time Buyers!

Spring has finally arrived and with it comes the spring buying season!

Interest rates are still near all-time lows, home prices are affordable and rents are rising so it's time to get off the fence and buy! If you or anyone you know is thinking of buying a home, now is definitely the time to act! At Philadelphia Mortgage Advisors, we have special programs to help first-time buyers get approved and the knowlege and experience to put you on the right track to home ownership!

Contact us and let us show you how much you can afford in today’s housing market with a no-cost pre-qualification.

2016 Shaping Up to be a Great Time to Buy or Refinance!

Jan 25

12:56

Category | General

Good News for 2016: Rates have dropped even more, making it a great time to buy or refi!

The new year is upon us and, with interest rates dropping and economic news improving, 2016 is shaping up to be great year to buy the perfect home or refinance your mortgage. Philadelphia Mortgage Advisors would like to help you take advantage of this opportunity!

If you or anyone you know is thinking of buying a home or it’s been some time since you’ve thought about your current mortgage, don't put it off any longer! Contact us or share this with friends who may be in the market to buy or refinance. We can show you how much you can comfortably afford before beginning your home search. Or, we can review your current mortgage to see if you could benefit by refinancing, including options that may be able to remove monthly mortgage insurance payments!

Let us help you make the new year one to remember! Contact us today!