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For the week of July 9, 2018 — Vol. 16, Issue 28
>> Market Update
QUOTATION OF THE WEEK..."If you call failures experiments, you can put them in your resume and claim them as achievements." --Mason Cooley, American aphorist
INFO THAT HITS US WHERE WE LIVE... Freddie Mac's chief economist says "mortgage rates may have a little more room to decline over the very short term." And with "millennials reaching the peak age to buy their first home, the housing market should have some room to grow going forward."
The Census Bureau's latest data shows strong gains in single-family construction,
The Minutes of the Fed's June meeting reported on page 5: "Residential mortgage financing conditions remained accommodative for most borrowers. For borrowers with low credit scores, conditions stayed tight but continued to ease."
BUSINESS TIP OF THE WEEK... Experts say the single biggest factor in attracting clients is delivering something unique that sets you apart. Ask yourself what makes you different from everyone else you compete with.
>> Review of Last Week
PLENTY OF FIREWORKS... The July 4th holiday shortened the trading week, but there was still time for lots of Wall Street fireworks. For a finale, the three major indexes ended the week solidly ahead, following earlier fireworks set off by a better-than-expected jobs report.
June saw 213,000 new nonfarm payrolls, with upward revisions to April and May sending the total to 250,000. The Unemployment Rate went back up to 4.0%, but that was from a growing labor participation rate, a good thing.
This calmed ongoing trade war concerns, especially after both ISM Manufacturing and ISM Services set off their own fireworks, hitting levels indicating strong expansion. Plus, the trade deficit in May fell to a 19-month low. Boom!
The week ended with the Dow UP 1.0%, to 24456; the S&P 500 UP 1.5%, to 2760; and the Nasdaq UP 2.4%, to 7688.
For bonds, the abbreviated trading week ended with Treasuries broadly higher. The 30YR FNMA 4.0% bond ended UP .14, to $102.06. The national average 30-year fixed mortgage rate continued its recent retreat in Freddie Mac's latest Primary Mortgage Market Survey, down now five of the last six weeks. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW?... A recent survey of prospective homebuyers revealed only 5% would call off their searches if rates hit 5%, while 24% said that increase would have no impact on their plans.