Shelter Six:  Economy Hitting on All Cylinders Right Now

A deeper dive into the massive 916K new jobs added in March indicates that 110K of them were in construction, which could really help with the home inventory shortage.

Also promising is a Fannie Mae survey showed the number of homeowners indicating that it is a “good time to sell” surged to the highest level since before the pandemic.

The economy can be divided up into manufacturing and service sectors, and both are really hitting on all cylinders right now.

It was already reported that manufacturing surged to the strongest level since 1983, and now the service sector is up to the highest level since the data was first tracked in 1997.

Jumbo now only requires 10% down payment up to a $1M loan with a 680 credit score, or up to a $1.5M loan with a 720 credit score.

VA is the first to discontinue the more lenient temporary COVID policies that allowed for exterior-only appraisals and VOE waivers within 10 days of closing.

Rate Update

Mortgage rates fell last week to the lowest level in a month. Mortgage News Daily’s Conforming Purchase 30-Year Fixed-Rate decreased from 3.39% to 3.29%.

This Week

The Consumer Price Index (CPI) will come out on Tuesday, Retail Sales on Thursday, and both Existing Home Sales and Housing Starts on Friday.

April 12, 2021 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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