Shelter Six:  Regulatory Relief Act Signed Into Law

May 29, 2018 by · Leave a Comment 

1. On Thursday, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act into law.

2. This act represents the largest rollback of bank regulations since the financial crisis, improves consumers’ access to credit, and streamlines mortgage TRID requirements.

3. Italy formed a new government last week increasing uncertainty around whether the country will remain in the European Union (EU).

4. April Existing Home Sales fell a bit from March but were close to last year’s level, while New Home Sales also fell a little from March but were 11.6% higher than a year ago.

5. April’s inventory of Existing Homes was at a 4-month supply (6.3% lower than a year ago), while New Homes was at a 5.4-month supply (12.4% higher than a year ago).

6. Mortgage rates have now increased 15 out of the first 21 weeks of 2018, which is the most weeks with an upward increase since Freddie Mac began tracking this data in 1972.

Rate Update

Uncertainty with Italy forming a new government and the U.S. cancelling a summit with N. Korea influenced mortgage rates lower last week and down from recent 7-year highs.

This Week

The Core PCE Price Index is due out on Thursday while both the Employment Report and the ISM National Manufacturing Index are due out on Friday.