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Inside Lending from Mark P. Moyes
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Mark P. Moyes

Mark P. Moyes
Associate Lending Manager
7730 S Union Park Ave, Ste 200
Midvale, UT 84047
Phone: 801-983-8200
Mobile: 801-999-0886
Fax: 888-835-4067

Veritas Funding, LLC

Inside Lending
For the week of March 27, 2017 – Vol. 15, Issue 12

>> Market Update 

QUOTATION OF THE WEEK... "Nothing will ever be attempted if all possible objections must first be overcome." --Samuel Johnson, English writer and lexicographer

INFO THAT HITS US WHERE WE LIVE ... Fortunately people are attempting

It didn't take any leap of faith to feel good about the market for existing homes. After their sharp December rebound, Existing Home Sales kept moving up 's good!

BUSINESS TIP OF THE WEEK... To be successful, you need to take all the opportunities presented, as well as make new opportunities for yourself. What more could you be doing to grow your business?

>> Review of Last Week

COULD THIS BE A TREND?... The week featured some better than expected economic data, plus a bit of a recovery in oil prices, whose decline had troubled investors earlier this month. On Friday, oil prices did head south a tad, dragging some stocks along with t year.

The week's good economic data featured a sharp rebound in Durable Goods Orders, up 4.9% in January following their drop in December. Initial Unemployment Claims stayed below 300,000 for the 51st week in a row. The second read on Q4 GDP was revised up to
e hike.

The week ended with the Dow UP 1.5%, to 16640; the S&P 500 UP 1.6%, to 1948; and the Nasdaq UP 1.9%, to 4590.

Friday's positive economic news hurt bond prices, as investor money left the safety play to get in on the action in equities. The 30YR FNMA 4.0% bond we watch finished the week UP .47, at $104.41. After two weeks in a row of increases, national average 30-year fixed mortgage rates dropped in Freddie Mac's Primary Mortgage Market Survey for the week ending March 23. Their chief economist said it was "the greatest week-over-week decline...in over two months." Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... In 2016, investors flipped 193,009 single family homes and condos, up 3.1% over 2015, to the highest level since 2006. Flips were 5.7% of all single family home and condo sales in 2016, up from 5.5% in 2015.

>> This Week’s Forecast

PENDING HOME SALES, INFLATION, MIDWEST MANUFACTURING... This week should give us another snapshot of our painfully slow economic recovery. January Pending Home Sales are predicted up  according to the Chicago PMI, but t.

>> The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Economic Calendar for the Week of Mar 27 – Mar 31

 Date Time (ET) Release For Consensus Prior Impact
Mar 28
10:00 Consumer Confidence Feb 0
114.8 Moderate
Mar 29
10:00 Pending Home Sales Jan %
-2.8% Moderate
Mar 29
10:30 Crude Inventories 2/27 NA +5.0M Moderate
Mar 30
08:30 Initial Unemployment Claims 2/27 2K 258K Moderate
Mar 30
08:30 Continuing Unemployment Claims 2/20 NA 2.000M Moderate
Mar 30
08:30 GDP - 3rd Estimate Q4 % 1.9% Moderate
Mar 31
08:30 Personal Income Q4 % 0.4% Moderate
Mar 31
08:30 Personal Spending Feb %
0.2% HIGH
Mar 31
08:30 Core PCE Prices Feb %
0.3% HIGH
Mar 31
09:45 Chicago PMI Feb 0 57.4 HIGH
Mar 31
10:00 U. of Michigan Consumer Sentiment - Final Feb 0 97.6 Moderate

>> Federal Reserve Watch   

Forecasting Federal Reserve policy changes in coming months... Economists expect no movement in the Fed Funds Rate at the next meet, but more than half say we'll get another quarter percent hike in June. Note: In the lower chart, a 6% probability of change is a 94% certainty the rate will stay the same.

Current Fed Funds Rate: 0.75%-1.0%

After FOMC meeting on: Consensus
May 3 0.75%-1.0%
Jun 14 1.0%-1.25%
Jul 26 1.0%-1.25% 

Probability of change from current policy:

After FOMC meeting on: Consensus
May 3         6%
Jun 14       54%
Jul 26       62%

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This e-mail is an advertisement for Mark P. Moyes. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice, or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in this message is the property of Veritas Funding, LLC and cannot be reproduced for any use without prior written consent. This message is intended for business professionals only and is not intended for distribution to consumers or other third parties. The material does not represent the opinion of Veritas Funding, LLC. Veritas Funding, LLC NMLS #252108. NMLS # 267431 LIC #5644469

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