Wednesday, February 28, 2018

How to Out Amazon, Amazon

Current Mortgage Rates Hold Higher on the Week

We’re seeing a slight retreat in the bond market after the push higher for yields based on some optimistic comments from the chair of the Federal Reserve yesterday.

Looking at the long-term situation, mortgage rates are still expected to rise, so most borrowers trying to purchase or refinance will get a better deal by taking action soon. Read on for more details.

Market Outlook 2.26.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?                         

Powell paints picture of steady rate hikes

Yesterday the current chair of the Federal Reserve, Jerome Powell, went before the House Financial Services Committee as part of a semi-annual testimony. Most analysts walked away from the testimony fairly satisfied with the way Powell handled himself.

The written statement was right in line with what was expected, and even his answers in the Q&A didn’t cause most policy experts to adjust their positions.

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The one critique that seemed to pervade discussions on his performance was the fact that he played up the strength and growth of the U.S. economy to the point where he was hinting at four rate hikes in 2018.

This did create some jitters in the markets, somewhat unnecessarily, according to several pundits. There was really nothing for Powell to gain from this move and it only sets the stage for him to have to walk back these comments in the future.

Based on these remarks, we did see the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) move up a few basis points. Mortgage rates typically move in the same direction as the 10-year yield and similarly edged higher yesterday.

Today, the 10-year yield is down about one basis point but still higher than where it started the week.

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Rate/Float Recommendation                

Lock in a rate soon before they rise significantly

Mortgage rates are having one of the smoothest weeks of 2018. There’s still a lot of time left before the weekend but all signs point toward rates staying within a tight range this week.

Learn what you can do to get the best interest rate possible. 

Given that rates are expected to continue rising throughout 2018, there is a clear cut case for why you should try to lock in a rate soon if you have plans to purchase or refinance. The longer you wait, the more likely your rate will be higher.

Today’s economic data:                                 

GDP 

The second estimate for fourth quarter GDP is in at 2.5%. That’s one tenth below the previous estimate of 2.6%. Similarly, the GDP price index is down one tenth from the prior reading to 2.3%. Real consumer spending remained the same at 3.8%.

Chicago PMI 

The Chicago PMI hit a 61.9 in February. That’s several points lower than expected, landing just outside the low end of the consensus range.

Pending Home Sales Index 

Pending home sales fell 4.7% in January, putting it at 104.6. That’s a big miss from the 0.3% rise that analysts had projected.

EIA Petroleum Status Report 

For the week of 2/23/18:

  • Crude oil: -1.6 M barrels
  • Gasoline: 0.3 M barrels
  • Distillates: -2.4 M barrels

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Notable events this week:                

Monday: 

  • Fedspeak
  • Chicago Fed National Activity Index
  • New Home Sales
  • Dallas Fed Mfg Survey

Tuesday:    

  • Durable Goods Orders
  • International Trade in Goods
  • Jerome Powell Testimony
  • FHFA House Price Index
  • Consumer Confidence
  • Richmond Fed Manufacturing Index

Wednesday:      

  • GDP
  • Chicago PMI
  • Pending Home Sales Index
  • EIA Petroleum Status Report

Thursday:        

  • Jobless Claims
  • Personal Income and Outlays
  • PMI Manufacturing Index
  • ISM Mfg Index
  • Construction Spending
  • Fedspeak
  • Jerome Powell Testimony

Friday:       

  • Consumer Sentiment

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*Terms and conditions apply.



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Tuesday, February 27, 2018

Continuum at Nature’s Edge – Prices, Plans, Availability

Artist rendering of Continuum at Nature's Edge, the latest North Vancouver townhome development by Brody.

At a Glance

  • located in North Vancouver’s Lynnmour neighbourhood
  • 23 strata townhomes
  • double garages
  • rooftop decks
  • near Lynnmour Elementary School & Capilano University
  • short drive to Deep Cove & Mt. Seymour
  • close to Highway 1 & Second Narrows Bridge

At Nature’s Edge
Coming to the North Shore, Brody Development is pleased to bring you a new 23-unit townhome project in North Vancouver’s Lynnmour neighbourhood. Ranging in size from two to four bedrooms, Continuum at Nature’s Edge is ideal for families who wish to raise their children in a suburban residential environment. Lynnmour Elementary School is across the street, while Windsor Secondary and Capilano University are each a five-minute drive away. Nearby Inter River Park offers several soccer fields, baseball pitches, a lacrosse arena, and a Nationals level BMX training area. Beside the park is the North Shore Equestrian Centre. A series of connecting biking and hiking trails offers access to Lynn Creek and Mt. Seymour Provincial Park. Water sports at Deep Cove are just 10 minutes away. Neighbouring Maplewood Farm is a formative educational opportunity with its 200 animals and fun activities. At Continuum, be at one with the North Shore’s beauty and nature.

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Pricing for Continuum
$1.1M – $1.3M.

Floor Plans for Continuum
Continuum family-friendly townhomes range in size from 1,000 – 2,500 sq ft. Floor plans include the following mix of residences:

  • three x 2-bedrooms
  • 19 x 3-bedrooms
  • one x 4-bedroom

Contact me today to discuss availability and plans according to your needs.

Amenities at Continuum
Each residence will have its own private rooftop deck from which to admire the beauty of the surrounding environs. Rentals and pets are allowed.

Parking and Storage
Continuum offers homeowners vehicle parking in private double garages. Ample storage is provided within each residence.

Maintenance Fees at Continuum
TBA.

Developer Team for Continuum
Brody Development is a well-established North Vancouver company specializing in multi-family communities and single-family luxury homes. Since 1977, Brody Development has built hundreds of multi-family units and single-family homes in North and West Vancouver. The North Shore environment inspires Brody to create warm, enduring developments, making optimum use of natural materials and traditional construction techniques, while also presenting contemporary features and detailing with an urban edge. In recognition of their construction excellence, Brody Development is the recipient of Silver and Gold Georgie Awards from the Canadian Home Builders’ Association of British Columbia. Their restoration of the McNair Residence received a Heritage BC award and a City Heritage Award from the City of North Vancouver.

Integra Architecture was formed in 1999 by two experienced architects – Dale Staples and Duane Siegrist. The partners share a belief in client-centered architecture, teamwork, and long-term working relationships. The firm’s capable staff has extensive experience in all types of residential buildings, mixed-use projects, as well as renovations and seniors housing. Through effective communication and high-quality construction drawings, Integra bridges the gap between the builder’s reality and the architect’s vision.

Expected Completion for Continuum
2020.

Are you interested in learning more about other homes in West or North Vancouver?

Check out these great North Shore Presales!

The post Continuum at Nature’s Edge – Prices, Plans, Availability appeared first on Mike Stewart.



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Current Mortgage Rates Move Sideways on Tuesday

The markets are tuning in today to hear from the current chair of the Federal Reserve, Jerome Powell. He’s up on Capitol Hill before the House as part of a semi-annual testimony.

The top dog at the nation’s central bank certainly has the power to sway the markets one way or another, but it’s unlikely he’ll say anything today that will cause a major swing. Read on for more details.

Market Outlook 2.26.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?                         

Rates flat today as Fed Chair Powell heads to Capitol Hill

The focus for financial market participants today is part one of Fed Chair Jerome Powell’s testimony on Capitol Hill. Momentarily, he will go before the House Financial Services Committee to answer questions from lawmakers about various happenings at the nation’s central bank.

We already got the written statement from Powell earlier this morning, which basically repeated what we already knew about inflation and rate hikes from the FOMC minutes last week.

Given the current economic situation and that this is Powell’s first trip to D.C. as Fed Chair, the general consensus is that he’ll take a diplomatic approach.

Analysts expect him to brush off recent market volatility and reaffirm the Fed’s cautious approach to gradually raising the nation’s benchmark interest rate–the federal funds rate.

[tmslink name = “rates”]

If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s at 2.86% right now.

That’s pretty much flat on the week but it is down a bit from last week’s high of 2.95%. With mortgage rates typically moving in the same direction as the 10-year yield, we’re seeing rates similarly flat on the week and a little lower from last week’s highs.

Of course, we could certainly see bond yields and mortgage rates adjust today once Powell is finished speaking. It seems that a likely scenario here is that Powell talks up the U.S. economy, bolstering the belief in investors that the Fed will move forward with at least three rate hikes in 2018.

In turn, this would have the effect of pushing up stocks, Treasury yields, and mortgage rates. We’re not talking about a massive push higher today, but it’s conceivable that we finish a couple basis points above where we are right now.

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Rate/Float Recommendation               

Lock in a rate soon

Mortgage rates kicked off 2018 by rising over forty basis points in the first two months (according to the Freddie Mac Primary Mortgage Market Survey). We saw that steep climb temper somewhat last week, and right now we’re on track to remain flat this week.

This pause is not expected to last for any significant amount of time; however, as many analysts are still calling for the 30-year fixed rate to hit 5% at some point in 2018.

Learn what you can do to get the best interest rate possible. 

Seeing how we’re more than fifty basis points away from that mark right now, it makes sense for most borrowers to lock in a rate on a purchase or refinance soon. The longer you wait, the greater the chance of you locking in a much higher rate.

Today’s economic data:                                

Durable Goods Orders

Here are the numbers for January:

  • New Orders fall 3.7% month over month, putting them at 6.8% year over year.
  • New Orders Ex-Transportation fell 0.3% month over month, making it 6.9% year over year.
  • Core capital goods fell 0.2% month over month, bringing it to 6.3% year over year.

International Trade in Goods

The nation’s trade deficit widened to $74.4 billion in January.

Jerome Powell Testimony

  • Currently underway is part 1 of the Fed Chair’s trip to Capitol Hill this week.

FHFA House Price Index

The FHFA House Price Index crept up 0.3% in December. That brings it to 6.5% year over year.

Consumer Confidence

Consumer confidence hit 130.8 in February. That’s up from the prior reading of 125.4 and is higher than the consensus for 126.4.

Richmond Fed Manufacturing Index

The Richmond Fed Mfg Index spiked in February up to 28–the second highest reading on record.

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Notable events this week:                

Monday: 

  • Fedspeak
  • Chicago Fed National Activity Index
  • New Home Sales
  • Dallas Fed Mfg Survey

Tuesday:    

  • Durable Goods Orders
  • International Trade in Goods
  • Jerome Powell Testimony
  • FHFA House Price Index
  • Consumer Confidence
  • Richmond Fed Manufacturing Index

Wednesday:      

  • GDP
  • Chicago PMI
  • Pending Home Sales Index
  • EIA Petroleum Status Report

Thursday:        

  • Jobless Claims
  • Personal Income and Outlays
  • PMI Manufacturing Index
  • ISM Mfg Index
  • Construction Spending
  • Fedspeak
  • Jerome Powell Testimony

Friday:       

  • Consumer Sentiment

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*Terms and conditions apply.



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Monday, February 26, 2018

1021 Burnaby Street – Vancouver Condo Availability, Plans, Prices

Architectural rendering of 1021 Burnaby Street presale Vancouver luxury condos.

At a Glance

  • located in the West End at 1021 Burnaby
  • 5-storey concrete building
  • 21 market condominiums
  • one level of underground parking
  • walking distance to Davie Village
  • near Sunset Beach & English Bay
  • close to downtown, Yaletown, Robson St. restaurants & shops

Rendering of laneway view for 1021 Burnaby, Street, Vancouver luxury condo development.

Active Urban Lifestyle
Standing in contrast to the neighbouring 18-storey Milano, one of the last surface parking lots in the West End is about to be transformed into this boutique mid-rise building with just 21 condominium residences. Located near the gateway to Davie Village, your daily needs are easily met by the neighbourhood’s stores and professional services. Keeping fit is less of a challenge than beating your personal best with nearby gyms, the False Creek-Stanley Park Seawall, the Vancouver Aquatic Centre, and English Bay. Leisure options are equally close at hand. The Granville Entertainment District, Robson Street shopping, Yaletown nightlife, and Pacific Centre Mall are no more than a 10-minute walk away. At 1021 Burnaby, convenience comes built in.

Be A Presale Condo VIP!

Find Out About New Presales & Get Access to VIP Openings & Special Promotions!

Are you a realtor? Click here

  • Reload
  • Should be Empty:

Pricing for 1021 Burnaby
This project is in pre-construction phase. Sign up to our VIP list above for priority access to 1021 Burnaby updates.

Floor Plans for 1021 Burnaby
This exciting boutique development in the heart of downtown Vancouver will offer the following mix of residences:

  • 12 x junior 1-bedroom
  • 4 x 1-bedroom
  • 5 x 2-bedrooms

With so few homes available in such a prime location, I expect 1021 Burnaby will attract intense interest. Serious buyers are strongly recommended to contact me today to discuss your needs.

Amenities at 1021 Burnaby
An outdoor amenity patio with a children’s play area is planned for the front of the building.

Parking and Storage
One level of underground parking at 1021 Burnaby will provide nine regular vehicle stalls, four small car stalls, one handicapped stall, and one car share stall. Bicycle storage is available with 26 Class A stalls – 13 horizontal, 8 vertical, 5 lockers. Near the entrance, are 6 Class B bicycle stalls for visitors.

Maintenance Fees at 1021 Burnaby
TBA

Developer Team for 1021 Burnaby
Francl Architecture has been chosen to design 1021 Burnaby. Led by principals Walter Francl and Stefan Aepli, the award-winning firm has established a strong track record over the past 25 years of efficient and elegant projects that are attuned to the unique social and physical textures of the City of Vancouver. Most of their work is located within the City of Vancouver, giving the firm an intimate knowledge of the evolution of the civic fabric and an awareness of its potentials. Their diverse portfolio reflects a commitment to an interactive design process that builds on a clear understanding of their clients’ and users’ needs.

Expected Completion for 1021 Burnaby
TBA.

Are you interested in learning more about other homes in Yaletown, Downtown, or near Chinatown?

Check out these great Downtown Vancouver Presales!

The post 1021 Burnaby Street – Vancouver Condo Availability, Plans, Prices appeared first on Mike Stewart.



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SKY Residences in Downtown Edmonton – Availability, Plans, Prices

At a Glance

  • Heart of ICE District Location at 103 Avenue Northwest, Edmonton
  • Situated on floors 30 through 66 atop Stantec Tower with unobstructed city views
  • SKY Resudebces is the tallest tower in Canada (outside Toronto)
  • Business Centre, Media Lounge, Poker Lounge, Billiards Club, Fitness Centre, Yoga/Pilates Studio, Infrared Sauna and more
  • Short walk to Rogers Place, shopping, dining, Cineplex VIP and UltraAVX Cinemas and more
  • 4 floors of retail and a pedway to the new JW Marriott hotel

Live Urban at Centre ICE

Excitement lives here, in almost too many ways to count. There’s ICE District’s buzzworthy restaurants and cafes, ongoing Oilers games, concerts,cultural events, shopping, a Cineplex UltraAVX & VIP Cinema, and the Grand Villa Casino. Wherever you roam within ICE District, you’ll stay connected to Wi-Fi, thanks to state-of-the-art bre optic cabling running throughout the community.

This address provides a convenient, direct inside connection to downtown Edmonton’s above ground pedway system. Shed your winter coat and explore ICE District or downtown in climate-controlled comfort. Or, hop on the LRT or transit system located just steps away, and get anywhere else quickly and easily.

 

Be A Presale Condo VIP!

Find Out About New Presales & Get Access to VIP Openings & Special Promotions!

Are you a realtor? Click here

  • Reload
  • Should be Empty:

Pricing for SKY Residences

Starting $332K for 1bed + 1bath.  Serious buyers are advised to sign up to our VIP list above for priority access to SKY Residences.

Floor Plans for SKY Residences

SKY Residences Floor Plans

Contact me today to discuss availability and plans according to your needs.

Amenities at SKY Residences
SKY’s stunning 20,000 sq. ft. amenity space on the 30th floor features a rooftop terrace, hot tub, fitness facilities, a dog run and more.

Maintenance Fees at SKY Residences
TBA.

Developer Team for SKY Residences

ICE District is Edmonton’s potential brought to life. A once-in-a-lifetime opportunity to develop 25+ acres in the heart of a modern metropolis.

ICE District started with Daryl Katz and a vision. Katz Group partnered with the City of Edmonton to build Rogers Place, the catalyst for ICE District. In 2012, Katz Group then joined forces with ONE Properties to create ICE District Properties, the vibrant mixed-use development surrounding the arena. Through their partnership, Katz Group and ONE Properties aim to bring Edmontonians together and attracts visitors to a city that’s truly world class.

Expected Completion for SKY Residences
Beginning of 2020

 

The post SKY Residences in Downtown Edmonton – Availability, Plans, Prices appeared first on Mike Stewart.



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Current Mortgage Rates Improve on Monday

It’s another week and it’s going to be a busy one. We’ve got numerous economic reports scheduled for release and a key testimony from the new chair of the Federal Reserve.

The good news is that current mortgage rates are improving today. With so much happening over the next few days, it’s hard to say where mortgage rates will be on Friday.

Still, with rates expected to move higher in the long-term our recommendation to borrowers is to lock in a rate soon.Read on for more details.

Where are mortgage rates going?                        

Rates ease to start the week

Here we go with another week. All signs point toward it being an extremely busy one, with plenty of economic data to sift through, as well as a trip to Capitol Hill for the new Fed Chair, Jerome Powell.

[tmslink name = “rates”]

Starting with the economic data we’ve got multiple reports out every day with New Home Sales out this morning, Durable Goods orders on Tuesday, GDP on Wednesday, Personal Income and Outlays on Thursday, and Consumer Sentiment on Friday.

We have seen the hype over rising inflation subside a bit over the past few trading sessions, with investors seemingly finding comfortable footing in this still fairly new year.

At this time, financial market participants are just expecting the data to come in strong enough to push forward the status quo of gradual rate hikes from the Fed.

We’re still looking at the March FOMC meeting as a sure thing for a quarter point increase to the federal funds rate. The CME Group’s Fed Funds futures is giving it about an 87.4% chance of happening.

That would bring the target range for the nation’s benchmark interest rate up to 1.50%-1.75%. Turning to the Fed, we’re going to get a glimpse into the mind of the current Fed Chair, Jerome Powell, on Tuesday and Thursday when he goes before the House and the Senate, respectively.

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The big focus is on Tuesday’s testimony, as he’s likely to say everything the markets are looking for during that engagement. Typically, these types of encounters are very even-keeled and diplomatic.

It’s not the time for a new Fed Chair to mark a stake in the ground and roil the markets. For Powell, this means reiterating the tone in the FOMC minutes last week with talk about a cautious approach to the gradual rate hike path the lies ahead.

Despite the overwhelming likelihood of a tempered discussion, financial market participants near and far will be tuned in to see what he has to say, which means there’s the possibility for a strong market reaction after the matter.

At this point, it appears most likely that a confident, measured, Powell will instill confidence in the markets, leading to a slight push higher for stocks and mortgage rates.

Taking a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) we can see that it’s down a few basis points to 2.83%.

This is now the third straight session where the 10-year yield is trending lower. Mortgage rates have a tendency to move in the same direction as the 10-year yield, so rates are improving to start the week.

Rate/Float Recommendation               

Lock in a rate soon

With mortgage rates moving a little lower to begin the week, right now is a great time to lock in a rate on a purchase or refinance. If you end up waiting a few weeks or months to lock, you run the risk of getting a significantly higher rate.

Learn what you can do to get the best interest rate possible. 

Today’s economic data:                                

Fedspeak 

  • St. Louis Fed President James Bullard made some interesting comments this morning during an interview, stating that reviewing the current inflation target of 2% is a “good thing to do and I am hopeful the committee will go ahead and do it.”

Chicago Fed National Activity Index

  • The Chicago Fed National Activity Index hit 0.12 in January. That puts the 3-month moving average at 0.17.

New Home Sales 

  • New Home Sales for January hit an annualized rate of 593,000. That’s down from the prior reading of 625,000.

Dallas Fed Mfg Survey

  • 10:30am

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Notable events this week:                

Monday: 

  • Fedspeak
  • Chicago Fed National Activity Index
  • New Home Sales
  • Dallas Fed Mfg Survey

Tuesday:    

  • Durable Goods Orders
  • International Trade in Goods
  • Jerome Powell Testimony
  • FHFA House Price Index
  • Consumer Confidence
  • Richmond Fed Manufacturing Index

Wednesday:      

  • GDP
  • Chicago PMI
  • Pending Home Sales Index
  • EIA Petroleum Status Report

Thursday:        

  • Jobless Claims
  • Personal Income and Outlays
  • PMI Manufacturing Index
  • ISM Mfg Index
  • Construction Spending
  • Fedspeak
  • Jerome Powell Testimony

Friday:       

  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.



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Friday, February 23, 2018

Current Mortgage Rates Finish Flat on the Week

The week is winding down and mortgage rates are on track to finish out the week very close to where they started. Current mortgage rates are expected to continue moving higher over the coming weeks and months so if you’re thinking about taking action on a purchase or refinance, our recommendation is to lock a rate soon. Read on for more details.

Where are mortgage rates going?                        

Rates on track to finish out the week mostly flat

It’s been another up and down week for financial markets in the United States. The big event of the week–the FOMC minutes–didn’t fail to disappoint, signaling to investors that the Federal Reserve might be ready to hike the federal funds rate at a quicker than expected pace in 2018.

[tmslink name = “rates”]

How fast are we talking? You’ll get a different answer depending on who you talk to, but the general consensus is at least three, possibly four.

There are even some outliers now who are making the claim that there could be five increases this year. We’re talking about quarter point increases, so four rate hikes would bump the federal funds rate up from 1.25-1.50% to 2.25%-2.50%.

The next opportunity for the Fed to take action is in one month at their March meeting on the 21st. The fed is widely anticipated to follow through with their first quarter point increase of the year at that time.

For now, though, the speculation will continue about what happens after March. The greater the belief in a faster tightening schedule from the Fed, the more likely it is that mortgage rates will increase.

Already this year we’ve seen a huge jump in mortgage rates, with the average rate on a 30-year fixed rate mortgage up forty-five basis points to 4.40%, according to the latest numbers from the Freddie Mac Primary Mortgage Market Survey. That’s no small spike and the climb isn’t expected to end anytime soon.

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Rates Rise in Freddie Mac Primary Mortgage Market Survey 

Here are the numbers:

  • The average rate on a 30-year fixed rate mortgage moved up two basis points to 4.4% (0.5 points)
  • The average rate on a 15-year fixed rate mortgage ticked up one basis point to 3.85% (0.5 points)
  • The average rate on a 5/1-year adjustable rate mortgage rose two basis points to 3.65% (0.4 points)

Here is what the Freddie Mac’s Economic and Housing Research Group had to say about rates this week:

“Fixed mortgage rates increased for the seventh consecutive week, with the 30-year fixed mortgage rate reaching 4.40 percent in this week’s survey; the highest since April of 2014. Mortgage rates have followed U.S. Treasurys higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the FOMC minutes for February 21, 2018 sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see mortgage rates continue to trend higher.”

It’s important to note that data for the PMMS is collected early on in the week and therefore doesn’t necessarily reflect current market conditions. Given that we’ve come back down off of the mid-week highs, the survey is fairly close to an accurate assessment of the present rate environment.

Rate/Float Recommendation             

Lock in a rate soon

Mortgage rates are expected to continue rising throughout 2018, with many analysts calling for the 30-year fixed rate to hit 5% at some point.

Learn what you can do to get the best interest rate possible.

If you don’t want to risk getting a significantly higher rate, then you will want to lock in a rate on a purchase or refinance sooner rather than later.

Today’s economic data:                               

Fedspeak  

  • Boston Fed President Eric Rosengren at 10:15am
  • New York Fed President William Dudley at 10:15am
  • Cleveland Fed President Loretta Mester at 1:30pm
  • San Francisco Fed President John Williams at 3:40pm

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Notable events this week:                

Monday: 

  • Markets Closed: President’s Day

Tuesday:    

  • Nothing

Wednesday:      

  • Fedspeak
  • PMI Composite Flash
  • Existing Home Sales
  • FOMC Minutes

Thursday:        

  • Jobless Claims
  • Fedspeak
  • EIA Petroleum Status Report

Friday:       

  • Fedspeak

[contentbox id=”3″]

*Terms and conditions apply.



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Three Bitcoin Billionaires Share Their Story of How They Moved Early into the Asset Class

Thursday, February 22, 2018

Current Mortgage Rates Ease on Thursday

It’s been an up and down ride for mortgage rates over the past twenty-four hours. The FOMC minutes yesterday created some market jitters that moved rates higher, but then today we saw a reversal with rates moving back down toward levels that we saw at the start of the week. Read on for more details.

Where are mortgage rates going?                      

Rates move up after Fed minutes – back lower today

Yesterday we got the minutes from the Federal Open Market Committee’s meeting a few weeks ago.

Financial market participants across the nation were tuned in to see if there were any hints about the rate hike path in 2018, and to some extent, they weren’t disappointed.

[tmslink name = “rates”]

Optimism about the U.S. economy rang loud and clear through the minutes, with FOMC members revising their economic projections higher from the previous meeting in December.

The FOMC’s next meeting is about a month away in March, and the general consensus from investors has been that there will be a quarter point increase to federal funds rate at that time. Now, after the release of yesterday’s minutes, that decision is further bolstered.

We still have a decent amount of economic data that will come out between now and then, including the monthly jobs report for February and several inflation readings, but it’s hard to imagine a scenario where the numbers come in low enough to sabotage a March rate hike.

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As one would expect, the market reacted swiftly to the FOMC minutes, with the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) moving up to a multi-year high of 2.95% in afternoon trading.

Today, though, we’ve seen the markets settle down a little, with the 10-year yield moving back down to around 2.90%. That’s slightly above where it started the week. Mortgage rates typically move in the same direction as the 10-year yield.

Rates Rise in Freddie Mac Primary Mortgage Market Survey 

We got the latest Freddie Mac PMMS out today and it showed (surprise, surprise) that mortgage rates moved higher this week. Here are the numbers:

  • The average rate on a 30-year fixed rate mortgage moved up two basis points to 4.4% (0.5 points)
  • The average rate on a 15-year fixed rate mortgage ticked up one basis point to 3.85% (0.5 points)
  • The average rate on a 5/1-year adjustable rate mortgage rose two basis points to 3.65% (0.4 points)

Here is what the Freddie Mac’s Economic and Housing Research Group had to say about rates this week:

“Fixed mortgage rates increased for the seventh consecutive week, with the 30-year fixed mortgage rate reaching 4.40 percent in this week’s survey; the highest since April of 2014. Mortgage rates have followed U.S. Treasurys higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the FOMC minutes for February 21, 2018 sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see mortgage rates continue to trend higher.”

Rate/Float Recommendation            

Lock in a rate soon

Mortgage rates have now moved higher for seven straight weeks. Since the start of the year the average rate on a 30-year fixed rate mortgage has increased by forty-five basis points.

Learn what you can do to get the best interest rate possible.

With mortgage rates expected to continue rising throughout 2018, we believe that it makes sense for most borrowers to lock in a rate on a purchase or refinance, sooner rather than later.

Today’s economic data:                               

Jobless Claims

Applications filed for U.S. unemployment benefits came in at 222,000 for the week of 2/17/18. That puts the 4-week moving average at 226,000.

Fedspeak

  • Fed Governor Randal Quarles at 12:15am
  • New York Fed President William Dudley at 10:00am
  • Atlanta Fed President Raphael Bostic at 12:10pm
  • Dallas Fed President Robert Kaplan at 3:30pm

EIA Petroleum Status Report

  • 11:00am

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Notable events this week:                

Monday: 

  • Markets Closed: President’s Day

Tuesday:    

  • Nothing

Wednesday:      

  • Fedspeak
  • PMI Composite Flash
  • Existing Home Sales
  • FOMC Minutes

Thursday:        

  • Jobless Claims
  • Fedspeak
  • EIA Petroleum Status Report

Friday:       

  • Fedspeak

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*Terms and conditions apply.



from Total Mortgage Blog http://ift.tt/2EW9vwG

Wednesday, February 21, 2018

Current Mortgage Rates Flat Ahead of FOMC Minutes

We’re almost halfway through the week and mortgage rates have yet to move out of a tight range. We do get the minutes from the Federal Open Market Committee’s meeting a few weeks back. Financial market participants will be tuned in and ready to act on any information about the 2018 rate hike path. Read on for more details.

Market Outlook 2.19.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?                      

Rates flat ahead of FOMC Minutes

We’re approaching the halfway point of the week and, as expected, mortgage rates have remained mostly flat. There’s been very little economic data out over the past few days, which has been a major factor in keeping rates on an even keel.

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That could potentially change today, though, with the release of the FOMC minutes from their meeting a few weeks ago. Investors will be tuned in for that release at 2:00pm to see if there are any clues about the Fed’s rate hike path in 2018.

Depending on who you talk to the Fed could raise the nation’s benchmark interest rate–the federal funds rate–anywhere from 2-4 times throughout the year.

The one thing that everyone does seem to agree on, however, is that the Fed is going to follow through with a quarter point increase to the federal funds rate next month.

That would bring the target range up to 1.50%-1.75%. With regards to today’s minutes, the big question for investors is what happens after the March meeting.

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Rate/Float Recommendation            

Lock in a rate soon

Current mortgage rates are expected to rise throughout 2018. Given this expectation, we believe it makes sense for many borrowers to lock in a rate sooner rather than later.

Learn what you can do to get the best interest rate possible.

If you take a step back and consider that the 30-year fixed rate is expected to hit 5% at some point this year, current levels seem pretty appealing.

Today’s economic data:                               

Fedspeak 

  • Philadelphia Fed President Patrick Harker at 9:00am
  • Minneapolis Fed President Neel Kashkari at 8:15pm

PMI Composite Flash 

The PMI Composite Flash hit 55.9 for all three readings. This is a 27-month high that’s above both the prior reading and the consensus from analysts.

Existing Home Sales

Existing home sales for January came in at an annualized rate of 5.380 million. That’s a drop of 3.2% from the prior month, and a drop of 4.8% year over year.

FOMC Minutes

  • The FOMC minutes will get released this afternoon at 2:00pm

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Notable events this week:                

Monday: 

  • Markets Closed: President’s Day

Tuesday:    

  • Nothing

Wednesday:      

  • Fedspeak
  • PMI Composite Flash
  • Existing Home Sales
  • FOMC Minutes

Thursday:        

  • Jobless Claims
  • Fedspeak
  • EIA Petroleum Status Report

Friday:       

  • Fedspeak

[contentbox id=”3″]

*Terms and conditions apply.



from Total Mortgage Blog http://ift.tt/2on3Q8M

3 Common Bathroom Problems and How to Solve Them

Content originally published and Shared from http://perfectbath.com

The relaxing nature of a good warm bath helps us realize things that we don’t normally think about — such as the secrets of the universe or the reason we exist. However, if bathroom problems such as the following exist, they can steal your attention away from your dreamy thoughts. Don’t let these problems ruin your well-deserved alone time:

Photo by Daniel Fazio on Unsplash

Over-splashing tap
Selecting the right design will save you some frustration because the wrong tap with the wrong sink can certainly land you in a watery situation. You certainly don’t want a wet floor each time you turn the tap on! The placement of the sink with the tap defines how much splash it creates. If the sink is too close to the standing tap, the water may spill over the edge when it is initially turned on. The space of the sink also has a part to play as it would guide the water into the sink hole. An overhead tap mounted on the wall would have to be positioned correctly over the sink hole to ensure faster drainage. Also note that some sinks don’t come with overflow holes, so be mindful when you shop. Source: HomeAndDecor

Leaky shower
You may be able to put up with a leaky shower head for a little while, but it’ll cost you on your water bills. On top of that, the excess moisture being leaked to unplanned areas could create mold issues. Fixing your showerhead could be as easy as replacing a gasket, and you can often diagnose it on your own. Source: TheSpruce

Slow drain
Most tub and shower clogs are caused by hair. A simple fix is to remove the drain cover, straighten a wire coat hanger, then bend one end into a small hook. Push the hook down the drain and into the U-shape trap a few inches down. Then twist it around, and carefully pull it back. Chances are good you will have hooked the sizable hairball that was causing your slow drain. Source: BHG

If your leaky fixtures are a recurring problem, replacing them with higher quality ones is the answer! Call us today.

 

Contact:
Perfect Bath
Phone: Toll Free 1-866-843-1641
Calgary, Alberta
Email: info@perfectbath.com

The post 3 Common Bathroom Problems and How to Solve Them appeared first on Perfect Bath Canada.



from Perfect Bath Canada http://ift.tt/2Hx6SQp