Is Now the Time To Buy? Homebuyer’s Mortgage Watch – November 18, 2018 [Video]
This Week Highlights the Following Updates:
- Mortgage rates mostly flattened out last week, with domestic economic data continuing to be mostly positive.
- The CPI revealed some steady inflationary pressure, and import prices ticked upward, but not enough to create any significant concern.
- While the headline Retail Sales number surged by 0.8%, removing volatile issues, like cars and especially gasoline, the increase was a modest 0.3%.
- Industrial Production only rose by 0.1% with a decrease in the percentage of manufacturing capacity being used.
- Economists are also beginning to make some small downward adjustment to their assessments of future economic growth as a number of foreign economies, including Japan, Germany, and China have seen some lower-then-predicted economic growth.
- This holiday-shortened week is likely to see mortgage rates under some mild downward pressure given the data from last week.
- If we see any more economically negative news from Europe or if the Brexit process gets even more ugly than it already is, rates might drift even further downward.
New Homeowner? Be Prepared for Repairs
A recent survey by NerdWallet of 2,000 new homeowners found that 44% experienced an unexpected, needed home repair within the first year of owning their home. Of those folks needing to make a repair, just over half claimed that the financial expense caused emotional anxiety. 25% of repairs had to be covered by either taking on additional debt or tapping into savings. The research found that only 31% of owners set aside funds for home repairs or improvement.