Happy Thanksgiving
Question of the week: No question this week. I hope everyone had a wonderful Thanksgiving.
Have a question? Ask me!
Big news for a short week, 3rd quarter Gross Domestic Product was revised to 2.1% from the initial estimate of 1.9%. The news is slightly mortgage rate unfriendly as it does not put pressure on rates to drop to stimulate the economy, which continues to lope along at a marathon pace instead of sprinting.
Personal Income and Consumer Spending data were also released this week. Consumers continue to spend. October’s spending was up 0.3% from September, the eighth month in a row spending has increased. Incomes however were flat, zero percent growth, from the prior month. This was only the fourth time in the past five years income has not increased from the prior month. A sign that the labor markets maybe loosening or a one off? We will see if future reports show personal income dropping. Overall the news is mortgage market neutral as consumer spending puts a bit of pressure on rates to climb and the income data putting pressure on rates to drop.
Rates for Friday November 22, 2019: Rates are flat for the week from last Friday as investors sit back and wait until Monday to get active.
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS LOCKED FOR 45 DAYS:
30 year conforming 3.625% Flat
30 year high-balance conforming 3.75% Flat
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down with 740 FICO score for purchase mortgages.
How lucky is a guy who loves cooking and eating food, and whose favorite holiday is Thanksgiving, to have two home cooked Thanksgiving meals in six days? Very lucky, especially since they enable my wife, daughter and I to enjoy the two gathers with my sister and then members of Leslie’s family.
We have much for which to be thankful. I am part of a wonderful company with fantastic co-workers committed to enabling homeownership and excellent service. I have an incredible network of professional relationships with whom referrals for needed services can be made knowing experience, integrity and knowledge will serve our clients. I have been fortunate have terrific clients who we have helped in the past that continue to come back when they need mortgage assistance and who refer others. Most importantly, I have at home an amazing wife and two great kids.
There are many other gifts in my life for which I am grateful, but the list is long and there is a piece of apple pie that needs to be consumed so we can clean the pie plate.
I hope everyone had a great Thanksgiving,
Dennis
Past Weekly Rate & Market Updates can be found on my blog page at my website www.DennisCSmith.com/my-blog
