Market Update

Mortgage rates have reached a year-to-date low for 2017! Check with your loan officer to see the great options available today.

The GDP grew by 3.0% in the 2nd quarter, higher than estimates of 2.7%. The improving economy could support a Fed rate hike later in the year. Despite the GDP growth, a strong labor market and rising home prices, inflation continues to stagnate. This lack of inflation could help keep mortgage rates low. Consumers are showing the 2nd-highest level of confidence in the economy since 2000, according to survey responses through August 16th.

Existing home sales unexpectedly fell in July, hitting their lowest monthly level of the year. However, home sales were still up 2.1% from the previous year. Lack of properties for sale is blamed for the low numbers. Inventory is now down 9.0%, declining for the 26th consecutive month on a year-over-year basis. Strong demand coupled with tight inventory continues to drive up home prices though.