Welcome to this edition of my Saturday Morning Economist, where I'm sharing the latest mortgage market updates, along with additional information and insights that I believe you may find helpful.
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Mortgage Market
This week, the mortgage market was at full attention as the economic reporting schedule was packed and included the release of the two most influential monthly inflation readings. Producer inflation (PPI) released Tuesday was a mixed bag where April's measurement was higher than anticipated, but March figures were revised significantly lower. Consumer inflation (CPI) and retail sales figures released Wednesday were both lower than forecasted, which was beneficial for rates. The last significant data point this week was import prices for April, which increased more than expected, resulting in some upward pressure, but overall mortgage rates ended the week slightly lower.
Next week, I will monitor the release of the May 1 Fed meeting minutes and existing home sales data on Wednesday, along with new home sales figures Thursday for any potential impact on mortgage rates.
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Did You Know?
Topic: Bridge Loan Benefits
Did You Know a Bridge Loan is a short-term (6 months) loan that helps a homebuyer “bridge” the gap between the purchase of their new home and the sale of their departing home? A bridge loan may present several different benefits in any given scenario. However, the common and often greatest benefit is bridge loans help buyers avoid making a contingent offer on the homes they want to buy.
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Bridge loans typically leverage equity in a departing home, so the homeowner doesn’t have to sell before buying to make competitive non-contingent offers or liquidate investment accounts. Contact me to learn equity requirements and different ways bridge financing can be structured!
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Stay informed and ahead of the curve! Keep an eye on next week's economic data releases and their potential impact on mortgage rates. If you have any questions, please do not hesitate to reach out!
All The Best,
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Notice: Atlantic Coast Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA, or the Federal or State Government. Eligibility for all applicants cannot be guaranteed. Advertised programs, guidelines, rates, and fees are subject to change without prior notification. This is an advertisement and is not a commitment to lend. This e-mail message and any attachments may contain trade secrets or proprietary, confidential, or privileged information about or relating to Atlantic Coast Mortgage, LLC (ACM). If you are not the intended recipient of this email, then you are prohibited from using, distributing, forwarding, or reproducing it. If you have received this email in error, please immediately notify ACM and delete this email, and any attachments, from your computer system. Certain views and opinions expressed in this email, and any attachments, may be personal to the sender and not necessarily reflective of the views of ACM. Atlantic Coast Mortgage, LLC is an Equal Housing Lender | 4097 Monument Corner Drive, Suite 600, Fairfax, VA 22030 | Company NMLS ID 643114 (www.nmlsconsumeraccess.org).
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