Weekly Mortgage Watch – August 12, 2018

First Team’s Weekly Mortgage Watch (August 12th, 2018) This Week Highlights The Following Updates:

• Mortgage rates drifted slightly downward last week as markets digested inflationary data and dealt with a little international financial drama.
• While we’ve seen an occasional flare, the latest data is showing that inflationary pressures are staying right in line with the Fed’s speed limit.
• This means that the Fed continues to have ample flexibility to react to overall economic trends. If we continue to see the economy growing around its current rate, the odds will remain very high that the Fed will up its interest rates in December.
• Likewise, should the economy not produce as the Fed is predicting, the Fed will have the flexibility to leave rates untouched for the rest of the year.
• We did see an uptick in cash flowing into Treasuries follow revelations that Turkey may be headed for dire financial troubles.
• This week is likely to see rates mostly level or declining slightly. However, an unexpected increase in Retail Sales could help goose rates slightly higher for the week.
• That would be enhanced if we also get an Industrial Production reading that tops its solid 0.6% increase from last month.

Home Appreciates From $61K To $3 Million?

Here’s the story of a lovely lady. Who was bringing up three very lovely girls… If you recognize that tune, then you might understand how a house could appreciate from $61K at its last sale in 1973 to an estimated sale of near $3 million in recent days. HGTV has announced that it has acquired the second most photographed home in the USA, behind the White House. No news yet on their plans for the home, but if they launch a show about the home, it’s likely to be a hit!

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