Summer is in full swing, and we are still seeing homes with multiple contracts . So its important more than ever before to let us pre-approve your clients AHEAD of needing to make an offer! (a week would be very nice!) Once we get their documents uploaded, and consult /interview the client, we can have a letter within 1 hour.
In the Markets
The slight increase in rates this week
was due to stronger than expected economic data. Existing Home Sales
are IMPROVING, which constitutes about 90% of the national market. This
is the 3rd month the Existing Home Sales have increased. On the other
hand, New Home Sales DECLINED 8%. Overall, the bulk of the housing
market is showing improvement, and the news to the stock market was
positive.
Next week's Fed meeting
on Wednesday and the monthly employment report on Friday will prove to
be key indicators on the state of the economic growth. Investors are
skittish that there may be rising inflation, and concerned the Fed may
tighten monetary policy. The Treasury will also be auctioning bonds on
Monday, Tuesday and Wednesday. Due to the very busy week, we will be
encouraging clients to LOCK (instead of float ) their rates.
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