Is Now the Time To Buy? Homebuyer’s Mortgage Watch – August 11, 2019
To find out if now is the time to buy, check out this week’s mortgage highlights:
- Global economic challenges took center stage last week with the impact of the US-China trade war and the unknowns surrounding Brexit weighing heavily.
- Multiple central banks trimmed their benchmark rates, hoping to help goose their local economies. Cash flowed out of global stock markets, looking for safer investments.
- With many counties’ government bonds trading in negative territory, US Treasuries saw an inflow of money. Domestic economic data also pointed to slowing economic activity with the ISM Service Index moving downward by 1.4 points.
- According to the Atlanta Fed’s GDPNow model, GDP is running at 1.9%. Even with inflation remaining extremely tempered and economic growth continuing, markets are clamoring for another Fed rate cut.
- The Consumer Price Index, Retail Sales, and Industrial Production data are all due out next week. Experts predict little change in inflation and continued muted growth for the other two indicators. If that comes to pass, then rates are likely to remain level, unless breaking news riles the market again.
- Is now the time to buy for you? Purchasing a home is about finding the perfect time in your life. Click here to start your home search.
New Standard Mortgage Application Delayed
In 2016, after years of debate, Fannie Mae and Freddie Mac announced that they were planning to change the standard mortgage application form. February 1, 2020, was set as the date for all lenders to begin using the new form. However, the Federal Housing Finance Agency has directed the two GSEs to postpone the date, making changes requested by the Mortgage Bankers Association and other updates. The new date for lenders to begin using the form remains undecided.