Shelter Six:  Retail Sales Surge

October 19, 2020 by · Leave a Comment

Expect mortgage rates to be more volatile over the next few weeks with the election drawing near and continued covid uncertainty. Remember, when it comes to rates, bad news is good news.  The more uncertainty, confusion, or weakness there appears to be, the more rates will hold steady or even drop. Likewise, the more stable […]

Shelter Six:  Mortgage Forbearance Figures Plummet

October 12, 2020 by · Leave a Comment

The number of mortgages in active forbearance saw the largest one-week decline since the pandemic began, according to Black Knight. As of October 6, forbearance figures fell 18% to only 5.6% of all active mortgages, bringing the total number of plans below 3M for the first time since mid-April. The catalyst for the massive drop […]

Shelter Six:  Strong Employment Figures Keep Economic Momentum Moving Forward

October 5, 2020 by · Leave a Comment

The economy added a solid 661K jobs in August and the Unemployment Rate dropped from 8.4% to 7.9% after peaking at 15% in April. The economy has now recovered roughly half of the 22 Million jobs lost in March and April. August Pending Home Sales jumped 8.8% from July and 24% from a year ago […]

Shelter Six:  Stellar Housing Rebound Continues

September 28, 2020 by · Leave a Comment

The spectacular housing rebound continued in August with both Existing-Home and New-Home Sales hitting the highest levels since 2006. Existing-Home Sales were up 2% from July and 11% from last year, while New-Home Sales were up 5% from July and 43% from last year. Extremely limited inventory remains the primary trouble spot as levels were […]

Shelter Six:  Federal Reserve Pledges to Keep Rates Low

September 21, 2020 by · Leave a Comment

There were few surprises from last week’s Federal Reserve meeting as the Fed reiterated it does not plan to raise short-term rates over the next couple of years. The steady recovery in consumer spending continues with August Retail Sales figures rising a solid .6% from July and now up 3% over last year. The National […]

Shelter Six:  Home Buyers and Sellers More Optimistic

September 14, 2020 by · Leave a Comment

Both home buyers and sellers reported greater optimism in Fannie Mae’s August Home Purchase Sentiment Survey. Respondents indicating that it is a good time to buy increased from 53% to 59%, while respondents indicating that it is a good time to sell increased from 45% to 48%. Despite recent Unemployment stats, respondents had little concern […]

Shelter Six:  Strong Economic Data Continues to Roll In

September 7, 2020 by · Leave a Comment

The faster-than-expected economic rebound continues as last week’s economic data again came in stronger than anticipated. In August, the economy added a massive 1.37M new jobs and Unemployment dropped from 10.2% to 8.4%. Strong reports also came out for both the manufacturing and services industries, while weekly Jobless Claims declined to the lowest level since […]

Shelter Six:  July New Home Sales 36% Higher Than Last Year

August 31, 2020 by · Leave a Comment

The Fed unveiled a major shift in policy last week to allow inflation and unemployment to run higher, abandoning decades of precedent and ensuring rates will stay low for years to come. The new policy is known as “average inflation targeting” and will allow inflation to run above the Fed’s 2% goal “for some time” […]

Shelter Six:  Stellar Housing Trends Continue

August 24, 2020 by · Leave a Comment

July Existing Home Sales surged a massive 25% from June to the highest level since 2006, according to NAR. Inventory of existing homes fell nationally to a 3.1-month supply (6 months considered normal) after being at a 3.9-month supply in June and 4.2-month supply last July. To help with inventory concerns, more homes need to […]

Shelter Six:  Consumer Spending Boosts Economic Recovery

August 17, 2020 by · Leave a Comment

Consumer Spending continued to rebound for the third straight month in July, up 1.2% from June and 2.7% from a year ago. Inflation, always a concern to mortgage rates, came in stronger than expected last week largely due to a jump in auto and apparel costs. A Mortgage Bankers Association survey showed mortgage applications for […]

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