Shelter Six:  Consumer Confidence Surges

1. Optimism remains strong for the U.S. economy as Consumer Confidence figures surged last week far more than expected and to the highest level since 2000.

2. A strong labor market, solid economic growth, and record stock prices have contributed to the high level of optimism.

3. July Retail Sales, excluding the volatile auto component, rose .6% from June but the June results were revised lower offsetting the surge.

4. Inflation continues to push higher but remains within the Fed’s stated target level of 2%.

5. Shelter’s new SmartTrac program is designed for borrowers who have had a Bankruptcy or Short Sale over one year ago or multiple late mortgage payments within the last year.

6. SmartTrac requires 20% down and a 620 credit score, offers an interest-only feature, and doesn’t require a prepayment penalty.

Rate Update

An easing of U.S. trade tensions last week prompted investors to shift from safer to riskier investments, which had the effect of pushing mortgage rates slightly higher.

This Week

Employment figures are due out on Friday, but not before the ISM National Manufacturing Index on Tuesday and the ISM National Services on Thursday.  News on the trade deals could continue to influence rates as well.

September 3, 2018 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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