Shelter Six:  GDP Remains Strong

October 29, 2018 by · Leave a Comment 

1. Gross Domestic Product (GDP), the broadest measure of economic growth, was up a solid 3.5% for the recently completed 3rd Quarter (3.3% expected).

2. GDP was also up a whopping 4.2% during the 2nd Quarter, making for the strongest back-to-back quarters for GDP since 2014.

3. Thursday’s highly anticipated European Central Bank meeting brought no major surprises or interest rate changes.

4. Realtor.com’s September Housing Report showed the highest rise in new listings since 2013 with Atlanta up 12% over last September.  Nationally, listings were up 8%.

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

6. SmartTrac provides a financing option for these Borrowers while requiring only 20% down and a 620 credit score.

Rate Update

The outlook for global growth slowed last week leading investors to move money from stocks to bonds, which led to a drop in both the stock market and mortgage rates.

This Week

The Core PCE Price Index is due out on Monday, the ISM National Manufacturing Index on Thursday, and the highly anticipated Employment Report on Friday.